WTI crude oil is currently down 2.65% on the day as Trump's pledge of boosting oil output and imposing 25% tariffs on Canada and Mexico is weighing on oil prices.
The bigger concern in the market might be a potential trade war. Trade wars aren't good as they lead to an economic slowdown which depresses demand. The US Dollar strength and a potentially longer than expected pause from the Fed could also keep the downward pressure on the market.
Technically, the price failed to break above the key $80 handle recently and fell below the broken trendline which could end up being a fakeout. There's no real support until the $72 price region.
This article was written by Giuseppe Dellamotta at www.forexlive.com.Hence then, the article about crude oil extends slide amid global growth concerns was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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