Crude Oil price today: WTI price bearish at European opening

Source Fxstreet

West Texas Intermediate (WTI) Oil price falls on Tuesday, early in the European session. WTI trades at $64.52 per barrel, down from Monday’s close at $64.55.

Brent Oil Exchange Rate (Brent crude), on the contrary, is up, advancing from the $66.77 price posted on Monday, and trading at $66.78.

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.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Silver Price Forecast: XAG/USD retreats from 14-year highs to below $45.00Silver price (XAG/USD) attracts some sellers to near $44.80 after reaching its highest in over 14 years during the Asian trading hours on Friday.
Author  FXStreet
Sep 26, Fri
Silver price (XAG/USD) attracts some sellers to near $44.80 after reaching its highest in over 14 years during the Asian trading hours on Friday.
placeholder
US core PCE inflation set to rise 2.9% YoY in August with Federal Reserve easing outlook in focusThe United States (US) Bureau of Economic Analysis (BEA) will publish the Personal Consumption Expenditures (PCE) Price Index data for August on Friday at 12:30 GMT. 
Author  FXStreet
Sep 26, Fri
The United States (US) Bureau of Economic Analysis (BEA) will publish the Personal Consumption Expenditures (PCE) Price Index data for August on Friday at 12:30 GMT. 
placeholder
ETH Whales Buy the Dip as Ethereum Breaks $4,000 SupportEthereum (ETH) whales are capitalizing on falling prices as the second-largest cryptocurrency continues to trend downward, breaking the critical $4,000 level.
Author  Beincrypto
Sep 26, Fri
Ethereum (ETH) whales are capitalizing on falling prices as the second-largest cryptocurrency continues to trend downward, breaking the critical $4,000 level.
placeholder
BYD shrugs off Buffett’s Berkshire sell-downBYD has confirmed that Berkshire Hathaway completely sold off its remaining shares earlier this year, ending a 17-year run that began in 2008.
Author  Cryptopolitan
Yesterday 09: 42
BYD has confirmed that Berkshire Hathaway completely sold off its remaining shares earlier this year, ending a 17-year run that began in 2008.
placeholder
Gold hits record high as soft dollar, rate-cut bets lift appealSpot gold was up 0.8% at $3,789.39 per ounce as of 0251 GMT, after hitting a record high of $3,798.32 earlier in the session.
Author  FXStreet
8 hours ago
Spot gold was up 0.8% at $3,789.39 per ounce as of 0251 GMT, after hitting a record high of $3,798.32 earlier in the session.
goTop
quote