Select Language

Crude Oil price today: WTI price bullish at European opening

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

World FX news

search
Breaking news

Crude Oil price today: WTI price bullish at European opening

  • X
  • facebook
  • LINE
  • RSS
  • X
  • facebook
  • LINE
  • RSS
New update 2025.05.22 15:18
Crude Oil price today: WTI price bullish at European opening

update 2025.05.22 15:18

West Texas Intermediate (WTI) Oil price advances on Thursday, early in the European session. WTI trades at $61.60 per barrel, up from Wednesday's close at $61.23.

Brent Oil Exchange Rate (Brent crude) is also up, advancing from the $64.23 price posted on Wednesday, and trading at $64.56.

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

 : 2025.05.22

Update

Last updated

 : 2025.05.22

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

BoJ's Noguchi: Recent rise in long-term rates likely won't have impact on our new bond taper plan

Next article

USD/CHF extends downside to near 0.8250, US PMI data in focus

prev

Most viewed

EUR/GBP rises after UK inflation surprise challenges BoE outlook - Danske Bank

EUR/GBP ended the day higher following UK inflation data for April surprising significantly to the topside, relative to both consensus and BoE estimate, Danske Bank's FX analysts report.
New
update2025.05.22 18:56

ECB's Holzmann: The Euro's importance as a global currency is set to increase

European Central Bank (ECB) policymaker Robert Holzmann said on Thursday, "the Euro's importance as a global currency is set to increase."
New
update2025.05.22 18:52

Current upward bias to remain intact above the 55-day EMA - UOB Group

Improving upward momentum indicates EUR/USD could maintain its upward bias; it is premature to expect a retest of the 1.1573 high, UOB Group's FX analyst Quek Ser Leang reports.
New
update2025.05.22 18:49

When consensus on the 'safe haven' characteristic breaks down - Commerzbank

In times of increasing 'geostrategic uncertainty', the US Dollar has recently been tending to weaken rather than strengthen. The more this price behavior of the US currency becomes apparent, the more it could intensify, Commerzbank's Head of FX and Commodity Research Ulrich Leuchtmann notes.
New
update2025.05.22 18:40

G7 FX talks fuel USD bearishness - Danske Bank

EUR/USD edged higher above 1.13 as the USD continues to soften in an otherwise relatively quiet week for G10 FX, Danske Bank's FX analysts report.
New
update2025.05.22 18:35

Silver price today: Silver broadly unchanged, according to FXStreet data

Silver prices (XAG/USD) broadly unchanged on Thursday, according to FXStreet data.
New
update2025.05.22 18:33

USD: Trading US deficit fears - ING

Yesterday, we suggested that the G7 finance ministers' meeting in Canada could produce USD-supportive headlines, particularly if there were signs of easing trade tensions.
New
update2025.05.22 18:21

The wonderfully normal Bank of England - Commerzbank

Inflation rose sharply in the United Kingdom in April - more than analysts had expected. This was reported yesterday by the Office for National Statistics (ONS). The surprisingly high increase was broad-based.
New
update2025.05.22 18:16

GBP/USD falls to near 1.3400 following mixed UK PMI data

GBP/USD is depreciating after the mixed S&P Global/CIPS UK Manufacturing Purchasing Managers' Index (PMI) data was released on Thursday. The pair has maintained its position near 1.3468, the highest since February 2022, reached on Wednesday, and is trading around 1.3410 during the European hours.
New
update2025.05.22 18:11

GBP: EUR/GBP drop delayed - ING

April's rise in UK services inflation was mostly down to a temporary spike in air fares and package holidays caused by the timing of Easter--an effect that should unwind soon, ING's FX analyst Francesco Pesole notes.
New
update2025.05.22 17:57

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