WTI retreats to near $68.00 on Chinese stimulus disappointment, stronger US Dollar

avatar
· Views 176



  • WTI price drifts lower to near $68.00 in Tuesday’s early Asian session. 
  • The stronger USD weighs on the USD-denominated Oil. 
  • China's stimulus plan disappointed investors, dragging the WTI price lower. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $68.00 on Tuesday. The WTI price edges lower amid the fears that a Trump administration will spark a tariff-led trade war and concerns about demand growth in China. 

Donald Trump's US presidential election victory may continue to affect the WTI prices. Trump has announced his intention to impose a blanket tariff ranging from 10% to 20% on all imports and additional tariffs on up to 60% of products imported from China. A renewed trade war with China would also likely hurt economic growth in China, delaying any recovery in crude oil demand.

The firmer Greenback contributes to the WTI’s downside. Meanwhile, the US Dollar Index (DXY), a measure of the USD's value relative to a basket of foreign currencies, climbs to fresh four-month peaks around 105.70. This makes USD-denominated Oil prices more expensive. However, the profit-taking in the Greenback might cap the downside for the black gold for the time being. 



면책 조항: 본 게시글에 표현된 견해는 전적으로 작성자의 견해이며 Followme의 공식 입장을 대변하지 않습니다. Followme는 제공된 정보의 정확성, 완전성 또는 신뢰성에 대해 책임을 지지 않으며, 서면으로 명시적으로 언급되지 않는 한 해당 내용을 기반으로 취해진 어떠한 조치에 대해서도 책임을 지지 않습니다.

이 글이 마음에 드시나요? 작성자에게 팁을 보내 감사의 마음을 전하세요.
댓글 0

더 오래된 의견은 없습니다. 소파를 가장 먼저 잡으십시오.

  • tradingContest