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What Drives the WTI Oil Price?
WTI is another crude oil which is the preferred measure for the American oil industry. WTI is similar to Brent in that its prices fluctuate based on supply, demand, and geopolitics. However, OPEC is at odds with the US and often their relations will have an effect on WTI oil price.
WTI became a leader in the oil industry with the discovery of shale oil in the US and subsequent boom in 2006. Brent later took over as the most-used global pricing model, leaving WTI trailing just behind.
Key features to consider of WTI are as follows:
1. Sourced mainly from Texas, but also other shale in North America (mainly Canada)
2. Heavily traded commodity as it is affected by almost every global event, as well as the environmental sector
3.Spreads less affected than Brent in the face of international crisis, as it’s a landlocked commodity in the US
Overall, crude oil is controlled by the leaders in the industry (OPEC, OPEC+, and WTI) and will fluctuate based on how much product they are willing to put onto the market.
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To trade commodities like Brent oil, WTI oil with CFDs, below are the recommended steps.
1. Choose a trusted broker. There are plenty of brokers on the market, like MiTrade, IG, Capital. Among them, we would recommend MiTrade for its 0 commissions, low spread and flexible leverage. MiTrade is also licensed by ASIC, a world-renowned licensure used by many legitimate exchanges.
2. Enter a contract for difference: this means you will exchange the difference in price between when the trade was opened and closed.
3. Choose your leverage amount (fixed or variable) based on your goals.
4. Withdraw your winnings!
Diversification: Don’t put all your eggs in one basket! Use this to reduce your risk, but limits short-term returns.
Inflation Hedging: Use your oil investments to hedge against inflation in the future.
Speculation on commodities prices: Feeling confident? Invest in future speculation to get big winnings today.
If you are someone who can skillfully track and manage world events, while understanding the ins and outs of popular commodities like gold, silver, oil and their derivatives, then you may be able to make an attractive profit from investing in commodities. Learn what moves the commodity and you can minimize your risk.
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