Crude Oil struggles for support around $70.00 on Wednesday, extending losses after the 5% drop on Tuesday left Oil trading at its lowest level this year so far.
Crude Oil trades substantially lower after several headwinds emerged on Tuesday. The Libyan outage is set to be resolved, while recession fears in China and Europe weigh on the demand outlook. The US Dollar Index trades above 101.00 ahead of the US Jobs Report on Friday. Several headlines that came out on Tuesday were just too much to bear for Oil traders, sending the black fuel in a selloff spin.
, 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. How does inventory data impact the price of WTI Oil The weekly Oil inventory reports published by the American Petroleum Institute and the Energy Information Agency impact the price of WTI Oil.
is a group of 13 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When increases production, it has the opposite effect.
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