WTI Crude Oil Slips as Worries of Weaker Demand Dominate Market Sentiment Again
WTI crude oil prices have slid lower early on Tuesday as markets turn their focus on a potential slowdown in the global economy and its impact on weakening demand for oil. At the time of writing, WTI crude oil is trading at around $55.66 per barrel.
After several months of trading weak over the escalating trade war between the US and China, crude oil prices recently received some support from an improvement in the sentiment as both sides try to work out a partial trade deal. However, gains remain capped as markets fear that an interim trade deal may not be enough to turn things around for the global economy which could continue exhibiting signs of weakness for some time to come.
WTI crude oil is also trading cautiously in anticipation of the API report due for release later today. According to a recent Reuters poll, US crude stockpiles are expected to have experienced a build-up by 700k barrels during the previous week, following a surprise drawdown from two weeks prior.
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