Created
: 2025.06.06
- 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 consolidates around mid-$62.00s; looks to US NFP for fresh impetus
World FX news
Breaking news
WTI consolidates around mid-$62.00s; looks to US NFP for fresh impetus
New
2025.06.06 11:55
2025.06.06 11:55
2025.06.06 11:55
- WTI lacks firm intraday direction, though it remains on track to register weekly gains.
- The US-China trade talks raise hopes for fuel demand growth and support Oil prices.
- A bearish USD also acts as a tailwind for the commodity ahead of the US NFP report.
West Texas Intermediate (WTI) US Crude Oil prices oscillate in a narrow band, around mid-$62.00s during the Asian session on Friday, and remain on track to register gains for the first time in three weeks.
Hopes for the resumption of US-China trade talks lift expectations for strong fuel demand in the world's two largest economies, which, in turn, act as a tailwind for the black liquid. In fact, US President Donald Trump and Chinese President Xi Jinping spoke on Thursday and agreed that officials from both sides will meet soon for more talks to resolve the ongoing trade war.
Furthermore, a hit to Canadian supply from wildfires turns out to be another factor lending support to Crude Oil prices amid persistent geopolitical risks stemming from the protracted Russia-Ukraine war and conflicts in the Middle East. Adding to this, the underlying bearish sentiment surrounding the US Dollar (USD) is seen underpinning the USD-denominated commodity.
Traders, however, seem reluctant to place aggressive directional bets around Crude Oil prices and opt to wait for the release of the closely-watched US monthly employment details. The popularly known US Nonfarm Payrolls (NFP) report will play a key role in influencing market expectations about the Federal Reserve's (Fed) future rate-cut path and driving the USD demand.
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
: 2025.06.06
Related articles
IEA expects rising investments in low-emission energies, decline in Oil investments - Commerzbank
2025.06.06 20:57OPEC Oil production rose less than agreed in May - Commerzbank
2025.06.06 20:48Saudi Arabia lowers selling prices for Asia only slightly - Commerzbank
2025.06.06 20:28WTI wobbles around $62.20 with US NFP on the horizon
2025.06.06 16:55Crude oil price today: WTI price bearish at European opening
2025.06.06 15:04WTI consolidates around mid-$62.00s; looks to US NFP for fresh impetus
2025.06.06 11:54
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
EUR/USD declines on hot US NFP report, dents ECB-driven Euro rally
EUR/USD trip down extends its losses on Friday after hitting a six-week high near 1.1500 as Nonfarm Payroll figures in the United States (US) came in stronger than expected despite cooling off.
New
2025.06.07 03:56Dow Jones Industrial Average tests fresh highs on NFP beat despite downside revisions
The Dow Jones Industrial Average (DJIA) briefly tested fresh 13-week peaks on Friday, with equities taking a step higher after Nonfarm Payrolls (NFP) jobs data came in stronger than expected.
New
2025.06.07 03:03Silver Price Forecast: XAG/USD hits a 13-year high on increased demand for the industrial metal
Silver (XAG/USD) is experiencing another day of positive gains, which has pushed prices to $36.00, its highest level since February 2012, providing a firm barrier of resistance.
New
2025.06.07 02:45Gold price falls on strong US Nonfarm Payrolls yet is poised for weekly advance
Gold price extended its losses for the second consecutive day on Friday but is poised to finish the week with gains of over 1.30% after the latest Nonfarm Payrolls report in the United States (US) was solid, pressuring traders to trim their bets that the Federal Reserve (Fed) will ease monetary poli
New
2025.06.07 02:15Fed's Harker: Still possible the Fed can cut rates later this year
Federal Reserve (Fed) Bank of Philadelphia President Patrick Harker is embarking on a farewell tour.
New
2025.06.07 01:57AUD/USD falls as US Dollar bulls return following NFP data
The Australian Dollar (AUD) is weakening against the US Dollar (USD) following Friday's Nonfarm Payrolls (NFP) pushed back expectations of a near-term interest rate cut from the Federal Reserve (Fed).
New
2025.06.07 00:52GBP/USD slips as strong US jobs data cools Fed rate cut bets
GBP/USD tumbled during the North American session, down over 0.30% after the latest jobs report in the United States (US) maintained the status quo, with the economy remaining strong. The pair traded at 1.3526 after hitting a daily high of 1.3586.
New
2025.06.07 00:21US Pres. Trump: Borrowing costs should be much lower
United States (US) President Donald Trump took to social media to call upon Federal Reserve (Fed) Chairman Jerome Powell to lower interest rates on Friday.
New
2025.06.06 23:16Silver smashes $35 in Asia futures breakout - TDS
Like a thief in the night, Silver prices broke through $35/oz. Last time Silver broke this range, it took roughly 6 weeks to trade $50/oz, TDS' Senior Commodity Strategist Daniel Ghali notes.
New
2025.06.06 23:05Chinese SHFE Gold traders hit record-high positioning - TDS
Despite muted ETF flows and flat Western macro participation, positioning data shows Chinese Gold speculators pushing SHFE Gold to record highs, setting the stage for a potentially range-bound market -- with several bullish catalysts looming, TDS' Senior Commodity Strategist Daniel Ghali notes.
New
2025.06.06 22:54Disclaimer:
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
