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
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