Created
: 2025.04.16
- 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 drifts lower below $61.00 amid uncertainty on Trump trade war
World FX news
Breaking news
WTI drifts lower below $61.00 amid uncertainty on Trump trade war
New
2025.04.16 10:23
2025.04.16 10:23
2025.04.16 10:23
- WTI price edges lower to near $60.80 in Wednesday's early Asian session.
- OPEC cut its oil demand growth forecast for this year and next year as Trump's tariffs weigh on global economic growth.
- Crude oil stockpiles in the US rose by 2.4 million barrels last week, according to the API.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $60.80 during the early Asian session on Wednesday. The WTI price remains on the defensive as traders continue to assess the latest headlines on US President Donald Trump's tariff.
The Organization of the Petroleum Exporting Countries (OPEC) lowered its demand forecast on Monday due to the uncertainty caused by the United States' erratic trade policy. The International Energy Agency (IEA) followed on Tuesday with its projection that global oil demand in 2025 will grow at its slowest pace for five years due to concerns about economic growth brought on by Trump's trade tariffs.
Since Trump unveiled his sweeping tariff measures on April 2, the WTI price has dropped more than 14%. The agreement by OPEC+ to increase output beginning in May contributes to the WTI's downside. The OPEC+ group has agreed to accelerate oil production starting in May even as OPEC sees slightly lower demand for crude and softer economic growth.
The American Petroleum Institute (API) weekly report showed crude oil stockpiles in the US for the week ending April 11 rose by 2.4 million barrels, compared to a decline of 1.057 million barrels in the previous week. The market consensus estimated that stocks would fall by 1.68 million barrels. So far this year, crude oil inventories have climbed more than 24 million barrels, according to the API data.
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
: 2025.04.16
Related articles
EIA lowers forecast for US oil production - Commerzbank
2025.05.09 22:54China also imported large quantities of crude oil in April - Commerzbank
2025.05.09 20:56Kazakhstan continues to produce too much oil - Commerzbank
2025.05.09 20:50Crude Oil price today: WTI price bearish at European opening
2025.05.09 15:06WTI maintains position near $60.00, upside appears due to easing trade tensions
2025.05.09 12:32WTI Crude Oil climbs as US inventories fall, trade talks support demand outlook
2025.05.09 00:09
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
AUD/NZD Price Analysis: Aussie holds near 1.0800 as bullish signals persist
The AUD/NZD pair edged higher on Friday, trading near the 1.0800 zone after the European session, reflecting a steady bullish tone as the market heads into the Asian session.
New
2025.05.10 07:15USD/JPY struggles as US Dollar Softens Ahead of Key Trade Talks
USD/JPY pair has pulled back toward 145.00 after failing to extend gains above a near one-month high of 146.20 earlier in the day.
New
2025.05.10 06:45EUR/JPY Price Analysis: Euro steadies near 164.00 as bullish structure holds firm
The EUR/JPY pair eased slightly on Friday, trading near the 164.00 zone after the European session, reflecting a modest pullback from recent gains.
New
2025.05.10 06:24Trump: The US will keep tariffs despite reaching trading deals
US President Donald Trump commented on Friday that he will maintain 10% universal tariffs on imports, even after trade agreements are reached with other countries. He added that there would be exemptions if their counterparts offered advantageous trading terms.
New
2025.05.10 06:21Australian Dollar under pressure as global trade and economic uncertainties persist
The Australian Dollar (AUD) remains under pressure as global trade uncertainties persist, particularly surrounding the US-China trade talks.
New
2025.05.10 05:21Mexican Peso firms despite weak data as trades turn cautious on US-China talks
The Mexican Peso (MXN) registered modest gains versus the US Dollar (USD) on Friday as market participants turned cautious ahead of the US-China talks in Switzerland.
New
2025.05.10 05:05Gold price rises over 1% on USD weakness as geopolitical tensions rise
Gold price climbed over 1% on Friday as the US Dollar (USD) retreated after posting two days of gains, weighed by lower US yields. A deterioration in risk appetite boosted Bullion prices, which are being underpinned by geopolitical concerns. At the time of writing, XAU/USD trades at $3,338.
New
2025.05.10 03:39Canadian Dollar flatlines on Friday as markets look elsewhere
The Canadian Dollar (CAD) flattened on Friday, sticking close to 1.3900 against the US Dollar (USD) as Loonie markets struggle to find a reason to move too far in either direction.
New
2025.05.10 03:37USD/JPY pauses near resistance as breakout decision looms
The USD/JPY pair remains a focal point in the foreign exchange market, fluctuating within a key technical zone as markets digest evolving economic and monetary policy expectations.
New
2025.05.10 03:30US Dollar slides as markets brace for China trade talks
The US Dollar Index (DXY), which measures the value of the US Dollar against a basket of currencies, reverses sharply on Friday after hitting a near one-month high of 100.86 earlier in the day.
New
2025.05.10 03:16Disclaimer:
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
