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: 2025.06.02
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US Crude Oil (WTI) appreciates against all odds and returns to above $62.00
World FX news
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US Crude Oil (WTI) appreciates against all odds and returns to above $62.00
2025.06.02 19:11
2025.06.02 19:11
- Crude Oil appreciates despite news of supply hikes and trades at $62.50.
- OPEC+ countries have agreed to hike output by 411,000 barrels per day.
- Good fundamental data, low US Oil stocks, and expectations of higher demand in summer are supporting prices.
Buy the rumour, sell the news in Oil prices, as the US benchmark WTI appreciates about $2.5 so far today, despite the output hikes announced by OPEC+ members, fresh threats of US tariffs, and new trade tensions between the US and China.
The OPEC+ crude-producing countries confirmed investors' concerns and increased their output cuts by 411,000 barrels per day, for a third consecutive time this year, after a meeting held on Saturday.
Investors have welcomed a widely expected decision, as, according to reports by market sources, some member countries brought substantially higher hikes to the table.
Trump's threat to increase tariffs on Aluminum and Steel imports and a fresh rift with China, have failed to dent Crude Oil's rally. The recent string of positive fundamental data and lower-than-expected US Oil supplies, coupled with expectations of higher demand during the summer season, seem to have calmed fears of a global oil glut. At least for now.
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.
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Last updated
: 2025.06.02
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