Crude Oil Prices Edge Lower | US Consumer Confidence Due
Published October 29, 2019
WTI oil prices slipped on Tuesday, pressured by expectations of a rise in US crude inventories and doubts that OPEC and its allies will cut oil output further in December. The American Petroleum Institute releases industry data later today. WTI crude oil is trading at around $54.80 per barrel.
The US dollar is expected to make minor advancements against the counterparts today, as US Consumer Confidence data is released this morning. The Consumer Confidence Index is predicted to rise to 128.0 in October from 125.1 in September. The Dollar Index is trading at 97.78 levels.
President Donald Trump and Chinese President Xi Jinping are tentatively expected to meet on November 17 with the aim of signing an interim trade deal. Both sides have expressed optimism that Trump’s phase one trade deal can be completed in time for the meeting.