Created
: 2024.10.23
- English
- English
- What's Myforex
- Share
- Use tools
- Get information
- What's New
- Help center
- About us
- Customer support
- Terms and policies
-
-
PortfolioShare your portfolio and performance in real time -
Events & contestsEvents and contests held by retail brokers around the world
-
-
Real-time spread comparisonCompare spreads of major retail brokers in real time -
Volatility analysisVisualize volatility as a measure of daily market activity -
Swap point comparisonCompare buy and sell swap values for each broker by symbol -
Market rates & chartsCheck prices for all instruments offered by each broker -
IndicatorsProviding in-house developed indicators for MT4/MT5 -
Trading calculatorsCalculation tools for each broker to help you trade
-
-
World FX newsLatest news on forex and cryptocurrencies from around the world -
Broker informationTrading information of retail brokers worldwide -
MetaTrader4/5 user guideUser guide collection for the latest MetaTrader4/5 -
Economic calendarRelease calendar for indicators from official sources of major economies
WTI trades with positive bias around mid-$71.00s, just below over one-week top
World FX news
Breaking news
WTI trades with positive bias around mid-$71.00s, just below over one-week top
New
2024.10.23 12:23
2024.10.23 12:23
2024.10.23 12:23
- WTI holds steady amid hopes for a demand recovery in China and Middle East tensions.
- A larger-than-expected rise in US crude stock caps the commodity amid a bullish USD.
- Traders now look forward to the official US inventory data for short-term opportunities.
West Texas Intermediate (WTI) US Crude Oil prices trade with a positive bias for the third successive day on Wednesday and placed around mid-$71.00s during the Asian session. The commodity remains close to over a one-week high touched on Tuesday amid hopes for improving demand from China and geopolitical risks stemming from the ongoing conflicts in the Middle East.
Investors remain hopeful that China's massive stimulus measures announced recently will ignite a lasting recovery in the world's second-largest economy and boost fuel consumption in the world's largest crude-importing nation. Moreover, concerns that a further escalation in the Middle East conflict could impact supply in the key oil-producing region and tighten market balances in the months ahead. This turns out to be key factors lending support to Crude Oil prices.
Meanwhile, industry data published by the American Petroleum Institute (API) on Tuesday US crude stocks rose more-than-expected, by 1.64 million barrels last week. Apart from this, the ongoing US Dollar (USD) rally to its highest level since early August, bolstered by bets for smaller interest rate cuts by the Federal Reserve (Fed), is holding back bullish traders from placing fresh bets and keeping a lid on any further appreciating move for Crude Oil prices.
Market participants now look forward to the Official US government oil inventory data for a fresh impetus later this Wednesday. Apart from this, fresh geopolitical developments and the USD price dynamics should contribute to producing short-term trading opportunities around Crude Oil prices.
WTI Oil FAQs
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.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API's report is published every Tuesday and EIA's the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
Last updated
: 2024.10.23
Related articles
WTI trades with positive bias around mid-$71.00s, just below over one-week top
2024.10.23 12:22Oil: Geopolitical tensions remain at a boil - TDS
2024.10.22 23:47Oil market in China still markedly oversupplied in September - Commerzbank
2024.10.22 21:30Crude oil processing in China down year on year for six months in a row - Commerzbank
2024.10.22 20:54Oil prices decline sharply on a weekly basis - Commerzbank
2024.10.22 20:38Crude Oil struggles to hold $70.00 as markets become more bearish
2024.10.22 20:30
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
Was this article helpful?
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Thank you for your feedback.
Thank you for your feedback.
Most viewed
Forex Today: Choppy action continues ahead of BoC rate decision, more central bank speak
Here is what you need to know on Wednesday, October 23: The action in financial markets remain choppy early Wednesday following a relatively quiet Tuesday.
New
2024.10.23 15:20GBP/USD tests 1.3000, faces headwinds due to dovish sentiment surrounding the BoE
The GBP/USD pair edges higher toward 1.3000 during Asian trading on Wednesday.
New
2024.10.23 14:53FX option expiries for Oct 23 NY cut
FX option expiries for Oct 23 NY cut at 10:00 Eastern Time, via DTCC, can be found below.
New
2024.10.23 14:33NZD/USD flat lines below mid-0.6000s, seems vulnerable near one-month low amid bullish USD
The NZD/USD pair fails to capitalize on the previous day's modest recovery gains and seesaws between tepid gains/minor losses through the Asian session on Wednesday.
New
2024.10.23 14:22ECB starting to debate whether rates need to go below neutral in latest easing cycle - Reuters
Citing sources with the knowledge of the matter, Reuters reported on Wednesday that the "European Central Bank (ECB) policymakers are starting to debate whether rates will have to go below neutral level in current easing cycle." .
New
2024.10.23 14:02Silver Price Forecast: XAG/USD hovers near $34.50, 12-year highs
Silver price (XAG/USD) halts its six-day winning streak, trading around $34.87 per troy ounce, the highest level not seen since October 2012, during Asian trading hours on Wednesday.
New
2024.10.23 13:55Gold price eases from all-time peak, downside potential seems limited
Gold price ticks lower, though it lacks follow-through and remains close to the record high.
New
2024.10.23 13:51India Gold price today: Gold steadies, according to FXStreet data
Gold prices remained broadly unchanged in India on Wednesday, according to data compiled by FXStreet.
New
2024.10.23 13:37USD/INR meets upward ceiling due to potential RBI interventions, eyes on 16th BRICS Summit
The Indian Rupee (INR) remains relatively stable against the US Dollar (USD) on Wednesday.
New
2024.10.23 13:04WTI trades with positive bias around mid-$71.00s, just below over one-week top
West Texas Intermediate (WTI) US Crude Oil prices trade with a positive bias for the third successive day on Wednesday and placed around mid-$71.00s during the Asian session.
New
2024.10.23 12:22Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy
