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
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
WTI drifts lower to near $67.00 on rising Crude Stockpile in US, tariff uncertainty
2025.07.10 08:57WTI Crude Oil rises as Red Sea attacks overshadow EIA inventory build
2025.07.10 01:45Brent creeps back above $70/bbl - ING
2025.07.09 17:26WTI rises above $67.00 due to rising supply concerns, US tariffs delay
2025.07.09 16:54Crude Oil price today: WTI price bearish at European opening
2025.07.09 15:06WTI gains ground above $67.00 amid renewed Red Sea attacks
2025.07.09 09:26
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
PBOC sets USD/CNY reference rate at 7.1510 vs. 7.1541 previous
The People's Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead on Thursday at 7.1510 as compared to the previous day's fix of 7.1541 and 7.1757 Reuters estimate.
New
2025.07.10 10:15NZD/USD strengthens above 0.6000, eyes on US Initial Jobless Claims release
The NZD/USD pair extends the rally to around 0.6010 during the early Asian session on Thursday. The New Zealand Dollar (NZD) strengthens against the Greenback as the Reserve Bank of New Zealand struck a cautious tone in its latest policy meeting.
New
2025.07.10 10:09WTI drifts lower to near $67.00 on rising Crude Stockpile in US, tariff uncertainty
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $67.15 during the early Asian trading hours on Thursday. The WTI price loses ground amid concerns over weakening demand following a surprise increase in US crude inventories.
New
2025.07.10 08:57USD/CAD posts modest gain above 1.3650 on firmer US Dollar
The USD/CAD pair posts a modest gain around 1.3685 during the early Asian session on Thursday, bolstered by a firmer US Dollar (USD). Traders will closely monitor negotiations between the United States and its trading partners. The US weekly Initial Jobless Claims is due later on Thursday.
New
2025.07.10 08:23GBP/USD muddles through another tariff-heavy day
GBP/USD spun a tight circle on Wednesday, trapped near the 1.3700 handle as traders await any kind of meaningful change to macroeconomic factors.
New
2025.07.10 08:19Silver consolidates near 20-day SMA following Fed minutes
Silver price registered losses of over 1% on Wednesday after the US Federal Reserve (Fed) unveiled its June meeting minutes, hinting that policymakers are eyeing just one interest rate cut, instead of the two priced in by investors. Although the Greenback was unchanged, the grey metal tumbled.
New
2025.07.10 07:53EUR/USD steady at 1.1715 after dovish FOMC minutes and tariff tensions
The EUR/USD finished Wednesday's session with decent gains of over 0.17% after the Federal Open Market Committee (FOMC) released its June monetary policy meeting minutes, which showed that some officials are eyeing at least one interest rate cut.
New
2025.07.10 07:22Gold rises as Fed minutes signal 2025 cuts, US yields retreat
Gold price registers decent gains on Wednesday as US Treasury yields recede, even though the Greenback trades solidly against its peers. Trade developments continued to dictate the market's direction, while the latest minutes indicate that officials are still considering a rate cut in 2025.
New
2025.07.10 06:19Canadian Dollar backslides further as risk aversion bolsters the Greenback further
The Canadian Dollar (CAD) shed further weight on Wednesday, falling to its lowest bids against the US Dollar (USD) in around two weeks, pushing the USD/CAD pair back up into the 1.3700 region.
New
2025.07.10 05:17Breaking: Bitcoin hits record highs near $112,000
BTCUSD reached a record high in levels just shy of the $112,000 mark following the closing bell on Wall Street on Wednesday.
New
2025.07.10 05:00Disclaimer:
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
