Select Language

Crude oil price today: WTI price bearish, according to FXStreet data

blockHeadVisual
  1. HOME
  2. Get information
  3. World FX news
  4. Crude oil price today: WTI price bearish, according to FXStreet data

World FX news

search
Breaking news

Crude oil price today: WTI price bearish, according to FXStreet data

  • X
  • facebook
  • LINE
  • RSS
  • X
  • facebook
  • LINE
  • RSS
New update 2025.02.20 16:48
Crude oil price today: WTI price bearish, according to FXStreet data

update 2025.02.20 16:48

West Texas Intermediate (WTI) Oil price falls on Thursday, according to FXStreet data. WTI trades at $72.10 per barrel, down from Wednesday's close at $72.16. Brent Oil Exchange Rate (Brent crude) is also shedding ground, trading at $75.78 after its previous daily close at $75.81.

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.

(An automation tool was used in creating this post.)

Date

Created

 : 2025.02.20

Update

Last updated

 : 2025.02.20

Related articles

Show more

Writer

FXStreet

Financial media

arrow
FXStreet

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?
No loading Yes loading

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.

Previous article

prev

USD/CAD Price Forecast: Tests nine-day EMA barrier after breaking above 1.4200

Next article

Pound Sterling flattens against USD as investors seek fresh cues on Trump's tariff policies

prev

Most viewed

US Dollar gains modestly despite PMI data disappointing

The US Dollar Index (DXY), which tracks the US Dollar's performance against six major currencies, is holding on to minor gains on Friday, trading around 106.50.
New
update2025.02.22 03:44

Mexican Peso weakens as GDP contracts in Q4, growth outlook dims

The Mexican Peso (MXN) lost some ground against the US Dollar (USD) on Friday as the Mexican economy decelerated in the last quarter of 2024.
New
update2025.02.22 03:07

EUR/USD Price Analysis: Bulls lose momentum as pair faces rejection at 100-day SMA

The EUR/USD pair faced a setback on Friday, declining by 0.44% to settle near 1.0450 after encountering firm resistance at the 100-day Simple Moving Average (SMA) around 1.0540.
New
update2025.02.22 01:11

GBP/USD slips after hitting record high past 100-day SMA

The GBP/USD registers losses during the North American session after testing the 100-day Simple Moving Average (SMA) at 1.2658.
New
update2025.02.22 00:21

AUD/USD faces pressure around 0.6400 ahead of flash US PMI

The AUD/USD pair faces selling pressure around 0.6400 in North American trading hours on Friday.
New
update2025.02.21 23:19

Silver Price Forecast: XAG/USD struggles around $33.00 as Fed officials guide restrictive policy stance

Silver price (XAG/USD) faces selling pressure above the key level of $33.00 in North American trading hours on Friday.
New
update2025.02.21 22:31

GBP turns lower from 100-day/week MA signals in mid-1.26s - Scotiabank

UK Retail Sales rose a solid 2.1% in January, well ahead of expectations, after run of soft data in Q4, Scotiabank's Chief FX Strategist Shaun Osborne notes.
New
update2025.02.21 22:05

EUR tops out in the low 1.05s again - Scotiabank

Preliminary Eurozone PMI data for February were mixed to slightly softer, weighing on the EUR somewhat in European trade, Scotiabank's Chief FX Strategist Shaun Osborne notes.
New
update2025.02.21 22:01

DXY: Short-covering lifts USD into weekend - Scotiabank

The US Dollar (USD) is trading higher on the day overall, with yesterday's big winner, the JPY, this morning's big loser after Japan's January headline CPI reflected the anticipated pick up to 4.0% Y/Y, Scotiabank's Chief FX Strategist Shaun Osborne notes.
New
update2025.02.21 21:58

CAD: Pivot around 1.42 extends ahead of Retail Sales, Macklem - Scotiabank

The Canadian Dollar (CAD) is a very moderate loser on the day, down a little more than 0.1%.
New
update2025.02.21 21:54

Disclaimer:arw

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.

arw
  • Facebook
  • Twitter
  • LINE

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

I agree
share
Share
Line

Line
Facebook

Facebook
X

Twitter
Cancel