Created
: 2025.03.19
- 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 remains subdued around $66.50 amid Russian supply prospects
World FX news
Breaking news
WTI remains subdued around $66.50 amid Russian supply prospects
New
2025.03.19 13:28
2025.03.19 13:28
2025.03.19 13:28
- WTI price declines as Trump and Putin agree to a halt in strikes on energy infrastructure amid the Ukraine war.
- API Weekly Crude Oil Stock rose by 4.593 million barrels in the previous week.
- Escalating violence in the Middle East raises concerns over potential supply disruptions in key Oil-producing regions.
West Texas Intermediate (WTI) Oil price remains under pressure for the second consecutive day, trading around $66.50 per barrel during Asian trading hours on Wednesday. The downward trend is driven by expectations of increased Russian supply.
On Tuesday, US President Donald Trump and Russian President Vladimir Putin agreed to an immediate pause in strikes on energy infrastructure amid the Ukraine war. However, Putin declined to support a broader, month-long ceasefire negotiated by Trump's team with Ukrainian officials in Saudi Arabia, indicating persistent tensions despite the temporary agreement on energy-related attacks.
As one of the world's largest Oil producers, Russia has seen its output decline since the war began, largely due to Western sanctions. A potential ceasefire could lead to an easing of these sanctions, potentially increasing Oil supply and further pressuring prices.
Meanwhile, data from the American Petroleum Institute (API) on Tuesday showed a mixed picture for US crude inventories. Crude Oil stockpiles rose by 4.593 million barrels for the week ending March 14, while gasoline inventories declined by 1.71 million barrels and distillate stocks dropped by 2.15 million barrels.
However, geopolitical tensions in the Middle East continue to support Oil prices to some extent. Heightened violence threatens supply disruptions in key oil-producing regions. Trump reaffirmed his administration's commitment to military action against Yemen's Houthis and warned that Iran would be held accountable for any further attacks disrupting Red Sea shipping. Meanwhile, Israeli airstrikes in Gaza, which ended a week-long ceasefire, resulted in at least 200 casualties, according to Palestinian health authorities, reported by Reuters.
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
: 2025.03.19
Related articles
WTI remains subdued around $66.50 amid Russian supply prospects
2025.03.19 13:27Crude Oil price today: WTI price bullish at European opening
2025.03.18 18:34EU gas storage continues to tick lower - ING
2025.03.18 18:11Oil: Geopolitical risks intensify - ING
2025.03.18 18:03WTI advances to two-week high, above $68.00 amid Middle East tensions and China optimism
2025.03.18 17:55WTI edges higher above $67.00 on heightened geopolitical risks
2025.03.18 10:18
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
US Dollar Index Price Forecast: Remains bearish near 103.50 despite recent recovery
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, attracts some buyers to around 103.50 during the early European session on Wednesday.
New
2025.03.19 15:57Forex Today: BoJ maintains status quo, focus shifts to Fed
Here is what you need to know on Wednesday, March 19: Investors opt to remain on the sidelines while waiting for the Federal Reserve (Fed) to announce monetary policy decisions following the March meeting.
New
2025.03.19 15:55BoJ's Ueda: Will keep adjusting degree of easing if our economic, price outlook is to be realised
Bank of Japan (BoJ) Governor Kazuo speaks at the post-policy meeting press conference on Wednesday, explaining the Bank's decision to keep the interest rate steady at 0.50%.
New
2025.03.19 15:35GBP/JPY extends the rally to near 194.50 as BoJ keeps interest rate steady
The GBP/JPY cross extends its upside to 194.40 during the early European session on Wednesday.
New
2025.03.19 14:57EUR/GBP floats above 0.8400 as Germany approves spending package, BoE's decision looms
EUR/GBP remains steady after gaining in the previous session, hovering around 0.8420 during Asian trading hours on Wednesday.
New
2025.03.19 14:32USD/CAD moves away from two-week low set on Tuesday, retakes 1.4300 ahead of Fed
The USD/CAD pair is seen building on the overnight bounce from the 1.4260 area, or a nearly two-week low, and gaining some follow-through positive traction for the second straight day on Wednesday.
New
2025.03.19 14:28FX option expiries for Mar 19 NY cut
FX option expiries for Mar 19 NY cut at 10:00 Eastern Time via DTCC can be found below.
New
2025.03.19 13:54USD/CHF rebounds above 0.8750, Fed rate decision in focus
The USD/CHF pair gains ground to around 0.8770 during the Asian session on Wednesday, bolstered by the renewed Greenback demand.
New
2025.03.19 13:49India 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
2025.03.19 13:35Silver Price Forecast: XAG/USD sits near multi-month top, bulls retain control near $34.00 mark
Silver (XAG/USD) consolidates in a range around the $34.00 mark during the Asian session on Wednesday and remains close to its highest level since late October touched the previous day.
New
2025.03.19 13:34Disclaimer:
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
