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: 2025.11.12
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WTI trades with mild gains above $60.50 on hopes of US government reopening
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WTI trades with mild gains above $60.50 on hopes of US government reopening
New
2025.11.12 11:52
2025.11.12 11:52
2025.11.12 11:52
- WTI price posts modest gains near $60.85 in Wednesday's Asian session.
- Hopes for the end of the US government shutdown and concerns about Russian supply boost the WTI price.
- API weekly crude oil stock report and the OPEC monthly oil market report for November will be the highlights on Wednesday.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $60.85 during the Asian trading hours on Wednesday. The WTI trades with mild gains amid renewed investor confidence after a US government deal. Traders await the American Petroleum Institute (API) weekly crude oil stock report and the OPEC monthly oil market report for November, which will be published on Wednesday.
The US Republican-controlled House of Representatives is set to vote on Wednesday on a bill already signed off by the Senate. If it passes in both chambers of Congress, it will head to US President Donald Trump to be signed into law. The bill will restore funding to government agencies through January 30.
Trump on Monday voiced support for a bipartisan agreement to end the US shutdown, a significant step that makes it likely the government will reopen within days. An end to the US government shutdown could lead to a rebound in travel and jet fuel consumption, underpinning the WTI price.
WTI price also receives support from US sanctions against Russia's two biggest oil producers, Lukoil and Rosneft. Additionally, Russian owners have agreed to sell their shares in Serbia's Naftna Industrija Srbije (NIS) after the major oil and gas company was slapped with Western sanctions.
"Crude is benefiting from several tailwinds today, with concerns around Russian supply not making its way to market as some Indian refiners have reduced purchases and analysts are increasing estimates of the potential impact," said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group.
On the other hand, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced earlier this month that the group will raise production by 137,000 barrels per day (bpd) in December but will then pause the production hikes in the first quarter (Q1) next year, fueling fears of a global glut.
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
: 2025.11.12
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