West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $73.65 on Friday. The WTI price flat lines as the stronger US Dollar (USD) broadly offsets concerns over supply disruptions.
A strengthening of the USD on the cautious stance of the US Federal Reserve (Fed) undermines the WTI price as it makes oil more expensive for holders of other currencies.
FOMC Minutes released on Wednesday showed that the Fed policymakers expressed concern about inflation and the impact that President-elect Donald Trump's policies could have. Fed officials indicated that they would be moving more slowly on rate reductions because of the uncertainty.
On the other hand, mounting concerns over supply disruptions and increasing demands could support the black gold. The Biden administration plans to impose more sanctions on Russia's oil exports ahead of Donald Trump's inauguration on January 20.
Data released by the American Petroleum Institute (API) and the Energy Information Administration (EIA) earlier this week showed the US oil inventory declined last week, signalling rising energy demand amid a harsh winter in the US, Europe, and Asia.
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as "light" and "sweet" because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered "The Pipeline Crossroads of the World". It is a benchmark for the Oil market and WTI price is frequently quoted in the media.(Cay) Newsmaker23
Source: Fxstreet
Oil steadied after a two-day advance after OPEC+ agreed on a modest supply quota increase, with traders also parsing signals from lower-than-expected Saudi prices. West Texas Intermediate traded...
WTI crude oil futures climbed 1.3% to $61.7 per barrel on Monday after OPEC+ agreed to a smaller-than-expected production increase, easing fears of a major supply surge. The group, which includes Saud...
Oil prices rose more than 1% on Monday after OPEC+ only raised November production by 137,000 bpd, a smaller increase than would have affected the market. At 08:08 GMT, Brent rose 1.2% to $65.33 per b...
OPEC+ is once again playing it cautiously. For the second consecutive month, the world's largest oil producer group only increased supply by 137,000 barrels per day—a figure significantly lower than m...
Oil headed for the biggest weekly loss since late June as traders positioned for a key OPEC+ decision on supply this weekend. Brent futures edged marginally higher on Friday, but were still...
Gold (XAU/USD) retreats slightly after touching a fresh all-time high earlier this Tuesday, though any meaningful corrective slide seems elusive amid a supportive fundamental backdrop. The US Dollar (USD) attracts some buyers for the second...
European stock markets opened largely unchanged. The Stoxx 600 traded flat, but the energy sector was supported by Shell, which rose around 2% after reporting a recovery in its oil and gas trading performance. The CAC 40 was also stable, awaiting...
Japanese stocks closed Tuesday with mixed results due to profit-taking after a strong rally fueled by stimulus hopes under Sanae Takaichi. The Topix edged up 0.1% to 3,227.91, while the Nikkei was nearly flat at 47,950.88. Of the 1,672 Topix...
Asian stocks surged to new highs, led by Japan's Nikkei 225, which surged more than 4% following the election of pro-stimulus lawmaker Sanae...
Hamas officials were in Egypt on Monday (October 6th) ahead of talks with Israel that the US hopes will lead to an end to the war in Gaza and the...
The S&P 500 and Nasdaq Composite closed at record highs on Monday, spurred by optimism about increased mergers and acquisitions activity after...
Euro Area Stock MarketEuropean stocks closed mostly lower on Monday as fresh political turmoil in France rekindled concerns of fiscal instability...