- The edges of the WTI prices fall to approximately $ 60.80 in the early Asian session on Wednesday.
- OPEC has reduced oil demand growth forecast for this year and the next year, as Trump’s tariff is global economic growth.
- Crude oil stocks in the United States increased by 2.4 million barrels last week, according to API.
West Texas Interidia (WTI), American crude oil standard, is trading around $ 60.80 during the early Asian session on Wednesday. The central treatment price remains at a defensive level as traders continue to evaluate the main headlines on US President Donald Trump’s tariff.
The organization of the oil -exporting countries (OPEC) reduced demand forecast on Monday due to the uncertainty caused by the wrong trade policy of the United States. On Tuesday, the International Energy Agency (IEA) followed its projection that global demand for oil in 2025 will grow at the slowest pace for five years due to concerns about the economic growth caused by Trump’s commercial tariffs.
Since Trump revealed the group tariff measures on April 2, the price of WTI decreased by more than 14 %. The OPEC+ agreement may contribute to increasing production that begins in the negative side of WTI. OPEC+ has agreed to accelerate the oil production that begins in May, even when OPEC sees a little lower demand for raw economic growth and the most softening.
The weekly report of the American Institute of Petroleum (API) showed crude oil stocks in the United States for the week ending April 11 by 2.4 million barrels, compared to a decrease of 1.057 million barrels in the previous week. The market consensus is estimated that the shares will decrease by 1.68 million barrels. So far this year, crude oil stocks have increased more than 24 million barrels, according to API data.
WTI oil questions and answers
WTI Oil is a type of crude oil that is sold in international markets. West texas intermedition, which is one of three main types including Brent and raw Dubai. WTI is also referred to as “light” and “sweet” due to its low attractiveness and sulfur content, respectively. High quality oil is easily improved. It is obtained in the United States and is distributed through the Kushing Center, which is considered “the world lines lines in the world”. It is a standard for the oil market, and the price of WTI is frequently transferred in the media.
Like all assets, the supply and demand are the main engines of the oil price in WTI. As such, global growth can be a driver to increase demand and vice versa for a weak global growth. Political instability, wars and sanctions can disrupt supply and influence prices. OPEC decisions, a group of main oil -producing countries, is another major drive. The value of the US dollar affects the price of crude oil in WTI, given that the oil is often traded in the US dollar, and therefore the weakest 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) affect the price of WTI oil. The changes in stocks reflect fluctuations and demand. If the data shows a decrease in stocks, it can indicate an increase in demand, which increases the price of oil. Top stocks can reflect the increase in supply, which leads to low prices. The API report is published every Tuesday and effect evaluation operations the next day. Its results are usually similar, as it falls within 1 % of each other 75 % of the time. Environmental impact evaluation data is more reliable, as it is a government agency.
OPEC (the Organization of Petroleum Exporting Countries) is a group of 12 oil -producing countries that collectively decide production classes for member countries in meetings twice annually. Their decisions often affect the prices of WTI oil. When Opec decides to reduce the shares, it can tighten the supply, which increases oil prices. When OPEC increases production, it has an opposite effect. OPEC+ refers to an expanded group of ten additional members without OPEC, most notably Russia.
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