Created
: 2025.06.17
- 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 extends upside above $70.50 ahead of US Retail Sales release
World FX news
Breaking news
WTI extends upside above $70.50 ahead of US Retail Sales release
New
2025.06.17 10:48
2025.06.17 10:48
2025.06.17 10:48
- WTI price extends the rally to near $70.60 in Tuesday's Asian session.
- The ongoing conflict between Israel and Iran lifts the WTI price.
- The US Retail Sales data for May will be the highlight later on Tuesday.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $70.60 during the Asian trading hours on Tuesday. The WTI price edges higher amid persistent geopolitical risk in the Middle East. The American Petroleum Institute (API) weekly crude oil stock will be released later on Tuesday.
An Israeli attack targeted Iran's state broadcaster on Monday, while the head of the United Nations (UN) nuclear watchdog reported substantial damage to Iran's largest uranium enrichment facility.
A senior commander stated on Saturday that Iran is considering shutting down the Strait of Hormuz. The strait transports around one-fifth of the world's oil to global markets, according to Goldman Sachs. A closure of the strait could boost the oil prices. Fears that a wider war in the region could disrupt supplies in the region continue to underpin the WTI price.
However, the hope of easing Middle East geopolitical tensions might cap the upside for the black gold. US President Donald Trump said Iran wants to talk about de-escalating the conflict, helping quell fears that a protracted war would engulf a region that produces around a third of the world's crude.
Oil traders will keep an eye on the US May Retail Sales data, which is due later on Tuesday. If the report showed a stronger-than-expected outcome, this could boost the Greenback and weigh on the USD-denominated commodity price in the near term.
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
: 2025.06.17
Related articles
Crude Oil price today: WTI price bullish at European opening
32 minutes agoWTI extends upside above $70.50 ahead of US Retail Sales release
2025.06.17 10:47Oil Price Forecast: WTI eases as markets eye Israel-Iran conflict, hopes for de-escalation
2025.06.16 23:23USD: Dollar rebound has been lacklustre - ING
2025.06.16 20:36Energy: Oil in focus - ING
2025.06.16 20:20WTI Oil corrects lower from $75.00, but remains well above May's range
2025.06.16 16:31
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
FX option expiries for Jun 17 NY cut
FX option expiries for Jun 17 NY cut at 10:00 Eastern Time vi a DTCC can be found below.
New
2025.06.17 15:14USD/CHF weakens below 0.8150 ahead of US Retail Sales release
The USD/CHF pair softens to around 0.8135 during the early European session on Tuesday. The persistent geopolitical risks in the Middle East provide some support to the Swiss Franc (CHF) against the US Dollar (USD). Traders brace for the US Retail Sales data for May, which is due later on Tuesday.
New
2025.06.17 15:08Israeli military says it has identified missiles launched from Iran towards them
The conflict between Israel and Iran has entered its fifth day despite world calls for negotiation and de-escalation. The Israeli military said on Tuesday that they identified missiles launched from Iran toward Israel.
New
2025.06.17 15:07Crude Oil price today: WTI price bullish at European opening
West Texas Intermediate (WTI) Oil price advances on Tuesday, early in the European session. WTI trades at $70.58 per barrel, up from Monday's close at $70.06.
New
2025.06.17 15:02USD/CAD Price Forecast: Sees more downside towards 1.3400
The USD/CAD pair wobbles inside Monday's trading range around 1.3575 during the early European trading session on Tuesday. The Loonie pair trades sideways as investors await the Federal Reserve's (Fed) monetary policy announcement on Wednesday.
New
2025.06.17 14:55US President Donald Trump says leaving G7 summit early has nothing to do with Iran-Israel ceasefire
US President Donald Trump's decision to leave the G-7 conference in Canada was reportedly due to escalating tensions in the Middle East, raising questions about potential US involvement. However, Trump said that the reason why he went back to Washington D.C. is much bigger than that.
New
2025.06.17 14:54EUR/USD treads water above 1.1550, receives support from ECB-Fed policy divergence
EUR/USD holds ground for the second successive session, trading around 1.1560 during the Asian hours on Tuesday. The pair maintains its position near 1.1631, the highest since October 2021, reached on June 12.
New
2025.06.17 14:06GBP/JPY retreats from five-month high near 197.00 after BoJ's policy decision
The GBP/JPY pair falls back to near 196.15 during late Asian trading hours on Tuesday after posting a fresh five-month high around 196.85 earlier in the day.
New
2025.06.17 14:02USD/INR falls at open as de-escalating Israel-Iran conflict improves market sentiment
The Indian Rupee (INR) rises to near 85.95 at the open against the US Dollar (USD) on Tuesday.
New
2025.06.17 13:56US Dollar Index Price Forecast: Bearish bias remains unchanged near 98.00
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, trades with mild losses near 98.10 during the early European session on Tuesday.
New
2025.06.17 13:54Disclaimer:
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
