West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $68.40 on Friday.
WTI price flat lines near $68.40 in Friday’s early Asian session. US crude stocks increased by 2.1 million barrels last week, according to the EIA. A stronger USD and demand worries might drag the WTI price lower. West Texas Intermediate , the US crude oil benchmark, is trading around $68.40 on Friday. The WTI price remains steady as a steep draw in US fuel stocks offset oversupply fears. The Energy Information Administration weekly report showed crude stocks increased last week.
, 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 12 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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