Select Language

Crude Oil price today: WTI price bearish at European opening

blockHeadVisual
  1. HOME
  2. Get information
  3. World FX news
  4. Crude Oil price today: WTI price bearish at European opening

World FX news

search
Breaking news

Crude Oil price today: WTI price bearish at European opening

  • X
  • facebook
  • LINE
  • RSS
  • X
  • facebook
  • LINE
  • RSS
New update 2025.05.09 15:07
Crude Oil price today: WTI price bearish at European opening

update 2025.05.09 15:07

West Texas Intermediate (WTI) Oil price falls on Friday, early in the European session. WTI trades at $59.89 per barrel, down from Thursday's close at $59.96.

Brent Oil Exchange Rate (Brent crude) is also shedding ground, trading at $62.98 after its previous daily close at $63.03.

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

 : 2025.05.09

Update

Last updated

 : 2025.05.09

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

FX option expiries for May 9 NY cut

Next article

USD/CHF slips to near 0.8300 as US yields fall, focus on US-China trade talks

prev

Most viewed

Fed's Kugler: Makes sense to maintain moderately restrictive policy rate

Federal Reserve (Fed) Governor Adriana Kugler told Bloomber TV on Friday that the policy rate is currently moderately restrictive and added that it makes sense to maintain it.
New
update2025.05.09 20:59

China also imported large quantities of crude oil in April - Commerzbank

Chinese refineries continued to import large quantities of crude oil in April, Commerzbank's commodity analyst Carsten Fritsch notes.
New
update2025.05.09 20:56

CAD is flat and consolidating post-Fed losses - Scotiabank

The Canadian Dollar (CAD) is entering Friday's NA session trading flat vs. the US Dollar (USD) as it consolidates this week's post-Fed losses.
New
update2025.05.09 20:53

Kazakhstan continues to produce too much oil - Commerzbank

Kazakhstan continues to produce significantly more oil than agreed and apparently has no plans to reduce production in May, Commerzbank's commodity analyst Carsten Fritsch notes.
New
update2025.05.09 20:50

USD soft, fading portion of post-Fed gains into US/China trade talks - Scotiabank

G10 FX performance is varied heading into Friday's NA session as most currencies claw back a portion of this week's post-Fed losses against the US Dollar (USD).
New
update2025.05.09 20:48

US Pres. Trump: 80% tariff on China seems right

In a post published on Truth Social on Friday, United States (US) President Donald Trump said 80% tariffs on Chinese goods "seems right."
New
update2025.05.09 20:35

AUD/USD rises above 0.6400 as US Dollar falls back, US-China trade talks eyed

The AUD/USD pair recovers initial losses and rises above the key level of 0.6400 during European trading hours on Friday.
New
update2025.05.09 20:35

USD/JPY might not be able to break above 146.55 - UOB Group

Scope for US Dollar (USD) to rise further vs Japanese Yen (JPY); overbought conditions suggest any advance might not be able to break above 146.55.
New
update2025.05.09 20:32

US Dollar Index hits near a month high before reversing ahead of US-China trade talks

The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, is quickly reversing course this Friday ahead of the United States (US) trade talks with China in Switzerland over the weekend.
New
update2025.05.09 20:28

Mexican Peso holds recent gains as traders await Consumer Confidence data and trade talks outcome

The Mexican Peso (MXN) is trading broadly flat against the US Dollar (USD) in Friday's European session, as attention turns to upcoming Mexican Consumer Confidence data and a series of Federal Reserve (Fed) speeches, as traders head towards the weekend focusing on the US-China trade discussions to b
New
update2025.05.09 20:25

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