WTI extends upside above $64.00 on tighter global supplies, weaker US Dollar

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WTI price edges higher to near $64.25 in Wednesday’s early Asian session.Escalating tensions between Russia and Ukraine lift the WTI price. A slowdown in global economic growth might weigh on the WTI ...

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The WTI extends the rally on concerns over Russian supply disruptions and a weaker US Dollar (USD).","collect":0,"end_time":0,"defaultTopTitle":"fxstreet.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"UCO":"二倍做多彭博原油ETF","DDG":"ProShares做空石油与天然气ETF","DUG":"二倍做空石油与天然气ETF(ProShares)","DWT":"三倍做空原油ETN","SCO":"二倍做空彭博原油指数ETF","USO":"美国原油ETF"},"translate_title":"由于全球供应紧张和美元疲软，WTI继续上涨至64.00美元上方","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MCLmain":1.5,"CLmain":0.9,"QMmain":0.9,"DDG":0.6,"DUG":0.6,"DWT":0.6,"BZmain":0.6,"SCO":0.6,"UCO":0.6,"USO":0.6},"content_text":"WTI price edges higher to near $64.25 in Wednesday’s early Asian session.Escalating tensions between Russia and Ukraine lift the WTI price. A slowdown in global economic growth might weigh on the WTI price. West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $64.25 during the early Asian trading hours on Wednesday. The WTI extends the rally on concerns over Russian supply disruptions and a weaker US Dollar (USD). Traders brace for the International Energy Agency (IEA) stockpiles report and the US Federal Reserve (Fed) interest rate decision later on Wednesday. Reuters reported Tuesday that Russia's oil pipeline monopoly Transneft, which handles more than 80% of the country's oil, warned producers they may have to cut output following Ukraine's drone attacks on critical export ports and refineries. Additionally, the Kirishi refinery, one of Russia's biggest refineries that has an annual processing capacity of over 20 million tons, halted crude processing after damage caused by a Ukrainian drone attack on Sunday. Fears of a decline in Russian oil exports boost the WTI price as Ukraine steps up its drone attacks on Russian refineries, tightening global oil supplies.  US crude oil stocks declined more than expected last week, indicating stronger demand and supporting the black gold. Data released by the American Petroleum Institute (API) on Tuesday showed that crude oil stockpiles in the US for the week ending September 12 fell by 3.42 million barrels, compared to a rise of 1.25 million barrels in the previous week. The market consensus estimated that stocks would decline by 1.6 million barrels.On the other hand, analysts believe that a slowdown in global economic growth will reduce oil consumption in the short term. This, together with oversupply fears resulting from the OPEC cartel's decision, may have a negative impact on the WTI price. \n\nWTI Oil FAQs\n\n\n\n\nWhat is WTI Oil?\n\n\nWTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.\n\n\n\nWhat factors drive the price of WTI Oil?\n\n\nLike all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, 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.\n\n\n\nHow does inventory data impact the price of WTI Oil\n\n\nThe weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.\n\n\n\nHow does OPEC influence the price of WTI Oil?\n\n\nOPEC (Organization of the Petroleum Exporting Countries) 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 OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.\n\n\n\n\nShare:\n\n  Feed news","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}