Select Language

WTI remains solid around $67.50 due to China's stimulus measures, Middle-East tensions

blockHeadVisual
  1. HOME
  2. Get information
  3. World FX news
  4. WTI remains solid around $67.50 due to China's stimulus measures, Middle-East tensions

World FX news

search
Breaking news

WTI remains solid around $67.50 due to China's stimulus measures, Middle-East tensions

  • X
  • facebook
  • LINE
  • RSS
  • X
  • facebook
  • LINE
  • RSS
New update 2025.03.17 12:38
WTI remains solid around $67.50 due to China's stimulus measures, Middle-East tensions

update 2025.03.17 12:38

  • WTI climbs as China unveils new measures to stimulate consumption. 
  • Houthis take responsibility for attacking the USS Harry S. Truman aircraft carrier. 
  • Oil prices gain support amid waning optimism for a quick resolution to the Ukraine war.

West Texas Intermediate (WTI) Oil price extends its winning streak for a second consecutive session, trading around $67.40 per barrel during Asian market hours on Monday. The gains come as crude prices strengthen following China's, the world's largest oil importer, announcement of new measures to boost consumption.

On Sunday, Beijing announced a special initiative aimed at reviving domestic consumption. The plan includes wage increases, incentives to boost household spending, and efforts to stabilize stock and real estate markets.

Oil prices also received support from escalating geopolitical tensions in the Middle East, which have raised concerns over supply disruptions. On Sunday, the Houthis claimed responsibility for an attack involving 18 ballistic and cruise missiles, as well as drones, targeting the USS Harry S. Truman aircraft carrier and its escorting warships in the northern Red Sea.

Meanwhile, US Defense Secretary Lloyd Austin reaffirmed that the United States (US) would continue targeting Yemen's Houthis until they cease their attacks on shipping. The Iran-backed group, in turn, has vowed to escalate its retaliation in response to recent US strikes.

Additionally, crude Oil prices found support from fading hopes for a swift resolution to the war in Ukraine, which could have led to increased Russian energy supplies to Western markets. However, discussions on a potential ceasefire may take place this week, as US President Donald Trump and Russian President Vladimir Putin are expected to engage in talks.

Steve Witkoff, Trump's envoy, stated on Sunday that he anticipates the two leaders will speak, adding that Putin "accepts the philosophy" of Trump's ceasefire proposal, according to *The Guardian*. Last week, the US and Ukraine proposed a 30-day ceasefire to Russia, with Putin reportedly showing support for the initiative.

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.

 

Date

Created

 : 2025.03.17

Update

Last updated

 : 2025.03.17

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 holds steady above mid-1.4300s; seems vulnerable amid bearish USD

Next article

GBP/USD Price Forecast: Moves below 1.2950 toward nine-day EMA

prev

Most viewed

USD/CHF holds steady near 0.8800, traders await Fed, SNB rate decisions

The USD/CHF pair trades on a flat note near 0.8810 during the early European session on Tuesday.
New
update2025.03.18 14:56

EUR/GBP holds position above 0.8400 ahead of German spending plan vote

EUR/GBP remains largely unchanged for the second consecutive session, hovering around 0.8410 during Asian trading hours on Tuesday.
New
update2025.03.18 14:21

FX option expiries for Mar 18 NY cut

FX option expiries for Mar 18 NY cut at 10:00 Eastern Time via DTCC can be found below.
New
update2025.03.18 14:16

Silver Price Forecast: XAG/USD attracts some buyers to near $34.00 on economic uncertainty, geopolitical risks

Silver price (XAG/USD) extends its upside to around $33.90, its highest level since October 30, 2024, during the Asian trading hours on Tuesday, bolstered by the weaker US Dollar (USD).
New
update2025.03.18 13:55

EUR/JPY advances beyond 200-day SMA and 163.00 mark; highest since January 27

The EUR/JPY cross attracts some follow-through buyers for the third straight day on Tuesday and climbs beyond a technically significant 200-day Simple Moving Average (SMA) during the Asian session.
New
update2025.03.18 13:46

India Gold price today: Gold rises, according to FXStreet data

Gold prices rose in India on Tuesday, according to data compiled by FXStreet.
New
update2025.03.18 13:35

NZD/USD holds losses near 0.5800 amid rising geopolitical tensions in the Middle East

NZD/USD loses ground after gaining in the previous two sessions, trading around 0.5810 during Asian hours on Tuesday.
New
update2025.03.18 13:23

Gold price climbs further beyond $3,000, fresh all-time peak and counting

Gold price (XAU/USD) scales higher for the second straight day - also marking its fifth day of a positive move in the previous six - and hits a fresh record high, around the $3,010 region during the Asian session on Tuesday.
New
update2025.03.18 13:16

GBP/USD moves below 1.3000, downside seems limited as US Dollar remains vulnerable

GBP/USD retreats after gaining in the previous session, hovering around 1.2970 during Asian trading on Tuesday.
New
update2025.03.18 12:11

USD/INR posts modest gains amid rising geopolitical tensions

The Indian Rupee (INR) softens on Tuesday. A rise in crude oil prices amid the escalating geopolitical tensions in the Middle East weighs on the local currency.
New
update2025.03.18 11:46

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