Crude Oil Futures End Lower On Concerns Over Energy Demand

Crude oil futures drifted lower on Monday as worries about global economic slowdown and possible drop in near term energy demand weighed on the commodity.

The decline in prices was also due to comments from the U.S. Commerce Secretary Wilbur Ross that an initial U.S.-China trade deal does not need to be finalized next month.

West Texas Intermediate Crude oil futures for November ended down $0.47, or about 0.9%, at $53.31 a barrel.

On Friday, WTI crude oil futures for November ended down $0.15, or about 0.3%, at $53.78 a barrel.

Ross’ comments was in contrast to what President Donald Trump had said on Friday. Trump said he hopes that the first phase of the deal, announced earlier in October, will be signed by the middle of next month. Earlier today, he told reporters at the White House that the trade deal is coming along great.

At the cabinet meeting Trump said that issues in phase two of the deal would be a lot easier to work out than those in phase one.

Recent data from the Energy Information Administration (EIA) showed crude stockpiles in the U.S. jumped 9.3 million barrels in the week ended October 12, more than three times the expected increase.

Downbeat comments about the economy from the incoming European Central Bank President Christine Lagarde and geopolitical tensions following direct threat to the U.S. by North Korea’s Vice Minister added to concerns about outlook for energy demand.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Crude Oil Futures End Lower On Concerns Over Energy Demand

Won't your trader friends like this?
InstaForex
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply

*