Oil price is rallying over 4% in a three-day winning streak after the commodity was crushed by recession fears earlier this week. Traders are buying back into the Black Gold with an eventful calendar ahead next week and some supportive headlines for
Oil price ties up with a third consecutive day of gains on Friday. Traders are buying back into Crude with fears of recession abating. The US Dollar Index trades at a pivotal level ahead of the weekend. Crude prices, with Israel giving the green light for talks again with Hamas. Meanwhile, Yahoo! Finance has reported that an Indian company has received a waiver from US authorities to purchase Crude from Venezuela.
, 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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