Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Commodities

WTI depreciates amid thin trade on US Presidents’ Day, inches lower to near $77.80

Source Fxstreet

WTI price corrected after registering gains for two successive sessions.
Crude oil prices depreciate amid expectations that the Fed will maintain its current interest rate.
Israel has signaled the potential for additional military operations in the southern city of Gaza.

The West Texas Intermediate (WTI) oil price retraces its recent gains, possibly due to a technical correction, amid subdued trading activity due to the Presidents’ Day holiday in the United States. WTI price dips lower to around $77.80 per barrel during Asian trading hours on Monday. Additionally, market participants are expected to closely monitor demand conditions in China after returning from the week-long holiday.

Crude oil prices encounter challenges amid expectations that the Federal Reserve (Fed) will maintain its current interest rate, following the previous week of complex data. Higher consumer prices coupled with declining retail sales have reinforced the market sentiment that the Fed will abstain from rate cuts in both March and May. The CME FedWatch Tool indicates roughly a 52% probability of a 25 basis points (bps) rate cut in June.

Geopolitical tensions persist in the Middle East following an Israeli military raid on Gaza's second-largest hospital, causing it to cease functioning according to the United Nations (UN) public health agency. Israel has indicated the possibility of further military action in Gaza's southern city. Additionally, Iran-led Houthi fighters have attacked an India-bound oil vessel.

The International Energy Agency (IEA) revised its global oil demand growth forecast for 2024 downwards in its latest monthly oil market report. The slowdown in global oil demand growth is partly attributed to developments in China.

The report highlights a tightening of oil market balances in January, primarily due to supply disruptions in the United States and Canada. Despite ongoing production cuts by OPEC+ nations, the IEA anticipates a modest increase in inventories in the first quarter of the year.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Natural Gas sinks to pivotal level as China’s demand slumps Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It

Author FXStreet

Jul 01, 2024

Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It

ECB Policy Outlook for 2026: What It Could Mean for the Euro’s Next Move With the ECB likely holding rates steady at 2.15% and the Fed potentially extending cuts into 2026, EUR/USD may test 1.20 if Eurozone growth proves resilient, but weaker growth and an ECB pivot could pull the pair back toward 1.13 and potentially 1.10.

Author Mitrade

Dec 26, 2025

With the ECB likely holding rates steady at 2.15% and the Fed potentially extending cuts into 2026, EUR/USD may test 1.20 if Eurozone growth proves resilient, but weaker growth and an ECB pivot could pull the pair back toward 1.13 and potentially 1.10.

WTI eases below $103.50 as US, Iran reportedly seeking 45-day ceasefire West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $103.30 during the early European trading hours on Monday. The WTI price retreats after reports that the United States (US) and Iran are making a push for a 45-day ceasefire.

Author FXStreet

Apr 06, Mon

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $103.30 during the early European trading hours on Monday. The WTI price retreats after reports that the United States (US) and Iran are making a push for a 45-day ceasefire.

Crypto Weekly Radar: All eyes on Donald Trump’s ultimatum, US macroeconomic data Crypto markets begin the week with mixed sentiment, with Bitcoin (BTC) trading above $69,000 following last week’s rebound. Still, markets remain cautious as traders weigh risks stemming from Donald Trump’s renewed threats toward Iran ahead of the ultimatum set for Tuesday.

Author FXStreet

Apr 06, Mon

Crypto markets begin the week with mixed sentiment, with Bitcoin (BTC) trading above $69,000 following last week’s rebound. Still, markets remain cautious as traders weigh risks stemming from Donald Trump’s renewed threats toward Iran ahead of the ultimatum set for Tuesday.

WTI Price Forecast: Seems vulnerable near $90.50 as technical breakdown comes into play West Texas Intermediate (WTI) – the benchmark US Crude Oil price – plummets to a nearly two-week trough during the Asian session on Wednesday in reaction to news that the US and Iran have agreed to a two-week ceasefire.

Author FXStreet

7 hours ago

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – plummets to a nearly two-week trough during the Asian session on Wednesday in reaction to news that the US and Iran have agreed to a two-week ceasefire.

Related Instrument