Created
: 2025.11.05
- 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 the decline to near $60.00 on rising US inventories
World FX news
Breaking news
WTI extends the decline to near $60.00 on rising US inventories
New
2025.11.05 11:42
2025.11.05 11:42
2025.11.05 11:42
- WTI price edges lower to near $60.00 in Wednesday's Asian session.
- API reported the biggest increase in US inventories in more than three months.
- Geopolitical tensions in the Middle East and Black Sea could lift the WTI price.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $60.00 during the Asian trading hours on Wednesday. The WTI extends its downside amid a significant increase in US crude inventories. Traders will keep an eye on the US Energy Information Administration (EIA) crude Oil stockpiles report later on Wednesday.
Data released by the American Petroleum Institute (API) on Tuesday showed that crude oil stockpiles in the US for the week ending October 31 climbed by 6.5 million barrels compared to a fall of 4 million barrels in the previous week. Crude oil inventories in the US are so far showing a net gain of 3.6 million barrels for the year, according to Oilprice calculations of API data.
On the other hand, geopolitical risks might help limit the WTI's losses. Traders will closely monitor attacks on Russian infrastructure after Ukrainian President Volodymyr Zelenskiy announced an intensification late last month.
Kyiv claimed a strike on Lukoil PJSC's refinery in Nizhny Novgorod province, which processes around 340,000 barrels a day of crude, mainly for domestic use. It has also targeted the Tuapse and Saratov plants over the past week. Any signs of rising escalation could boost the WTI price 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.
Last updated
: 2025.11.05
Related articles
USD/CAD reaches seven-month highs above 1.4100 amid lower crude Oil prices
2025.11.05 11:55WTI extends the decline to near $60.00 on rising US inventories
2025.11.05 11:41WTI Price Forecast: Bearish bias intact below 50 and 100-day SMAs
2025.11.04 23:35CAD softer amid weak risk appetite - Scotiabank
2025.11.04 23:03Crude oil price today: WTI price bearish at European opening
2025.11.04 16:01WTI holds losses near $60.50 despite OPEC+ output pause
2025.11.04 13:15
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
Silver Price Forecast: XAG/USD moves above $47.50 as safe-haven demand increases
Silver price (XAG/USD) halts its three-day losing streak, trading around $47.60 per troy ounce during the Asian hours on Wednesday. The price of Silver metal gains ground amid increased safe-haven demand, driven by a global selloff in risk assets.
New
2025.11.05 14:51GBP/USD posts modest gains above 1.3000, traders await US private payroll data
The GBP/USD pair posts modest gains near 1.3025 during the early European session on Wednesday, bolstered by a softer US Dollar (USD). However, the potential upside for the major pair might be limited, as UK Finance Minister Rachel Reeves hinted at broad tax rises in her budget later this month.
New
2025.11.05 14:31USD/JPY remains subdued near 153.50 due to safe-haven demand
USD/JPY extends its losses for the second consecutive day, trading around 153.50 during the Asian hours on Wednesday. The pair depreciates as the Japanese Yen (JPY) gains ground amid increased safe-haven demand, driven by a global selloff in risk assets.
New
2025.11.05 14:03US Dollar Index softens to near 100.00 amid prolonged US government shutdown
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, trades on a negative note around 100.15 during the Asian trading hours on Wednesday.
New
2025.11.05 13:37Finance Ministry: China will lift some tariffs on US agricultural goods from Nov. 10
The Chinese Finance Ministry announced on Wednesday, "China will lift some tariffs on US agricultural goods from November 10.
New
2025.11.05 12:54USD/INR holds above 88.50 amid thin trading due to the Indian bank holiday
USD/INR moves little after registering mild gains in the previous session, trading around 88.70 during the Asian hours on Wednesday. The pair is likely to see limited movement amid thin trading as markets observe a bank holiday in India.
New
2025.11.05 12:38USD/CAD reaches seven-month highs above 1.4100 amid lower crude Oil prices
USD/CAD continues its winning streak for the fifth consecutive day, trading around 1.4110 during the Asian hours on Wednesday. The pair gains ground as the commodity-linked Canadian Dollar (CAD) faces challenges amid weakening Oil prices.
New
2025.11.05 11:55WTI extends the decline to near $60.00 on rising US inventories
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $60.00 during the Asian trading hours on Wednesday. The WTI extends its downside amid a significant increase in US crude inventories.
New
2025.11.05 11:41China's Premier Li: Unilateral, protectionist measures had severe impact on economic world order
China's Premier Li Qiang said in a statement on Wednesday, "some unilateral and protectionist measures have had severe impact on the economic world order."
New
2025.11.05 11:23Gold drifts higher amid growing concerns over US government shutdown
Gold price (XAU/USD) edges higher to near $3,950 during the Asian trading hours on Wednesday. Fears of economic risks stemming from the ongoing US government shutdown, along with geopolitical risks and uncertainties, could boost the safe-haven flows, supporting the Gold price.
New
2025.11.05 11:11Disclaimer:
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
