West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $73.30 on Tuesday.
WTI attracts some sellers near $73.30 in Tuesday’s early Asian session. China's manufacturing activity slowed in August, weighing on the WTI price. Halted Libyan exports and higher Fed rate cut expectations might cap the WTI ’s downside. West Texas Intermediate , the US crude oil benchmark, is trading around $73.30 on Tuesday. Slowing manufacturing activity in China in August exerts some selling pressure on the WTI price.
, 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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