Created
: 2025.02.12
- 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 edges higher to near $73.00 amid supply worries
Breaking news
WTI edges higher to near $73.00 amid supply worries
New
2025.02.12 09:29
2025.02.12 09:29
2025.02.12 09:29
- WTI extends its recovery to a two-week high near $72.95 in Wednesday's early Asian session.
- The rising Middle East geopolitical tensions boost the WTI price.
- US crude oil stockpiles climbed by 9.043 million barrels last week, according to the API.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $72.95 during the early Asian session on Wednesday. The WTI price edges higher to a two-week high amid the escalating geopolitical tensions in the Middle East.
The latest US sanctions imposed on the Russian oil industry in January raised concerns about Russian and Iranian oil supplies, boosting the black gold price. "With the U.S. bearing down on Iranian exports and sanctions still biting into Russian flows, Asian crude grades remain firm and underpin the rally from yesterday," PVM oil analyst John Evans said.
Additionally, the rising Middle East geopolitical risks contribute to the WTI's upside. Israeli Prime Minister Benjamin Netanyahu said that if Hamas did not release Israeli hostages by noon on Saturday, a fragile ceasefire in Gaza would end. These remarks came after US President Donald Trump urged on Monday that Hamas free all prisoners by noon Saturday or he would consider canceling the Israel-Hamas ceasefire and "let hell break out.
US crude inventories rose sharply last week, which might cap the upside for the WTI. The American Petroleum Institute (API) weekly report showed crude oil stockpiles in the United States for the week ending February 7 climbed by 9.043 million barrels, compared to a rise of 5.025 million barrels in the previous week. The market consensus estimated that stocks would increase by 2.8 million barrels.
On Monday, Trump raised tariffs on steel and aluminium imports to the United States to 25% "without exceptions or exemptions." Analysts believe that tariff policies by the Trump administration could be inflationary and put further pressure on the Fed to keep interest rates elevated. This, in turn, could lift the Greenback and drag the USD-denominated commodity price lower.
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
: 2025.02.12
Related articles
WTI edges higher to near $73.00 amid supply worries
2025.02.12 09:28EU's gas storage targets are under pressure - Rabobank
2025.02.11 20:35Crude oil price today: WTI price bullish, according to FXStreet data
2025.02.11 20:09Oil: Energy complex is being pushed higher - ING
2025.02.11 19:03Gas trades at two-year high - ING
2025.02.11 18:51WTI maintains position above $72.00 due to rising Oil supply concerns
2025.02.11 13:54
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
CPI Data set to show steady US inflation in January, still above Fed's target
The United States (US) Bureau of Labor Statistics will release January's Consumer Price Index (CPI) report on Wednesday at 13:30 GMT.
New
2025.02.12 12:30USD/INR weakens on RBI intervention, investors brace for US CPI release
The Indian Rupee (INR) extends its upside on Wednesday, bolstered by the strong intervention from the Reserve Bank of India (RBI).
New
2025.02.12 12:12Silver Price Forecast: XAG/USD rises to near $32.00 amid rising Middle-East tensions
Silver price (XAG/USD) retraces its recent losses, hovering around $31.90 per troy ounce during Wednesday's Asian session.
New
2025.02.12 11:49Japanese Yen dives to one-week low against USD amid rising trade tensions
The Japanese Yen (JPY) drifts lower for the third straight day on Wednesday and slides to a one-week low against its American counterpart during the Asian session.
New
2025.02.12 11:32BoJ's Ueda says will conduct monetary policy appropriately for 2% inflation target
Bank of Japan Governor Kazuo Ueda said early Wednesday that the Japanese central bank will continue to conduct its monetary policy with the aim of achieving its 2% inflation goal sustainably and stably.
New
2025.02.12 10:54Australian Dollar remains steady due to risk-off sentiment, Fed's cautious signals
The Australian Dollar (AUD) maintains its position against the US Dollar (USD) on Wednesday.
New
2025.02.12 10:53NZD/USD posts modest gains above 0.5650, US CPI data looms
The NZD/USD pair trades with mild gains around 0.5655 during the early Asian session on Wednesday.
New
2025.02.12 10:49Israel's Netanyahu says intense fighting will resume if hostages are not returned
Israel's Prime Minister Benjamin Netanyahu said late Tuesday that the ceasefire will be over and Israel will resume "intense fighting" in Gaza if Hamas doesn't release "our hostages" by Saturday noon, per BBC.
New
2025.02.12 10:15PBOC sets USD/CNY reference rate at 7.1710 vs. 7.1716 previous
On Wednesday, the People's Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.1710 as compared to the previous day's fix of 7.1716 and 7.2971 Reuters estimates.
New
2025.02.12 10:15White House official says 25% steel tariffs would stack on other levies on Canada
A White House official said late Tuesday that US President Donald Trump's planned 25% tariffs on all steel and aluminum imports would be added onto other levies on Canadian goods, resulting in a total 50% tariff.
New
2025.02.12 09:40Disclaimer:
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
