WTI Crude Oil Trades Bearish Over Mounting Uncertainties on Tariff Cuts
WTI crude oil prices are trading weaker at the beginning of a fresh trading week as the mood in the markets tensed over rising uncertainties on the US-China trade deal. At the time of writing, WTI crude oil is trading at around $56.81 per barrel.
Markets were trading with a risk-on sentiment last week over rising hopes for a trade deal, and the mood was boosted further when officials from both nations indicated their willingness to cut tariffs in a phased manner. However, US President Donald Trump did not sound too buoyed by the idea of cutting the tariffs which have pressured China into resolving differences with the US and signing a beneficial trade deal.
WTI crude oil prices continue to trade under pressure as markets worry about declining demand on account of weakening economic growth globally. Economic data releases from around the world have also been weak lately, further reinforcing worries of a slowdown in global economic growth, and a subsequent reduction in demand for crude oil. Meanwhile, surprising build-up in crude inventories in the US have also exerted a downward pressure on oil prices, adding to worries of weakness in demand.
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