WTI edges lower to $78.30 following reports of OPEC+ extending voluntary oil output cuts
Trending Articles- Iranian military drones targeted US Fifth Fleet in Bahrain in response to southern US strikes
- Gold plummets below $4,200 as US‑Iran tensions spur hawkish rate bets ahead of US CPI
- Gold declines below $4,500 on stalled US-Iran ceasefire talks, US NFP data looms
- SpaceX Listing Imminent. Funds Flood Into SpaceX On-Chain Tokens, Bitcoin Rebound Momentum May Be Weakened
- US May CPI Preview: Rising Inflation May Push Up Fed Rate Hike Expectations, How Will US Stocks, Dollar, Gold React?
- Gold Drops Below $4,300 Erasing Year-to-Date Gains. This Week’s CPI May Ignite Rate Hike Expectations Will Gold Still Rise in 2026?
■ WTI price depreciates as OPEC+ could extend voluntary oil output cuts into Q2.
■ Geopolitical supply risks in the Middle East help to offset the concerns about global oil demand.
■ API Weekly Crude Oil Stock increased to 8.428 million barrels from the previous 7.168 million barrels.
West Texas Intermediate (WTI) oil prices decline after two consecutive days of gains, with trading around $78.30 per barrel during the Asian session on Wednesday. The oil market is facing challenges due to higher borrowing costs, which are dampening global economic growth and subsequently reducing oil demand. Additionally, uncertainty persists regarding the outcome of ceasefire talks between Israel and Hamas, while Iran-backed Houthis continue to target civilian shipping vessels in the Red Sea.
Crude benchmarks received upward support following a Reuters report stating that the Organization of the Petroleum Exporting Countries and allies (OPEC+) are contemplating extending voluntary oil output cuts into the second quarter. In November, OPEC+ had agreed to voluntary cuts amounting to around 2.2 million barrels per day (bpd) for the first quarter of this year. Additionally, Russia has announced a six-month ban on gasoline exports starting from March 1. This decision, as reported by Russia’s RBC, is aimed at stabilizing oil prices.
However, persistent geopolitical supply risks in the Middle East, coupled with indications of a stronger US physical market, are helping to mitigate the effect of the concerns about global oil demand. As a result, the decline in Crude oil prices is being limited. Recent data reveals an increase in demand for US crude exports, while Chinese buyers are actively participating in the spot market following the Chinese Lunar New Year, boosting Crude oil consumption.
American Petroleum Institute (API) revealed that Weekly Crude Oil Stock increased to 8.428 million barrels for the week ending on February 23, from the previous 7.168 million barrels. Furthermore, the US Energy Information Administration (EIA) is expected to report a decline in the Crude Oil Stocks Change on Wednesday.
Read more
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
