- The price of WTI drops to about $ 60,80 in the early Asian session on Wednesday.
- The OPEC cut its forecast for oil demand for this year and next, since Trump tariffs weigh on global economic growth.
- Crude oil inventories in the US increased by 2.4 million barrels last week, according to the API.
The West Texas Intermediate (WTI), the referent of the US crude oil, is being negotiated around $ 60,80 during the early Asian session on Wednesday. The WTI price remains defensive while merchants continue to evaluate the last holders about the tariffs of US President Donald Trump.
The Organization of Petroleum Exporting Countries (OPEC) reduced its demand forecast on Monday due to the uncertainty caused by the United States commercial political erratic. The International Energy Agency (AIE) continued on Tuesday with its projection that the global oil demand in 2025 will grow at its slowest pace in five years due to concerns about economic growth caused by Trump’s commercial tariffs.
Since Trump presented its wide tariff measures on April 2, the price of WTI has fallen more than 14%. The OPEC+ agreement to increase production from May contributes to the decline of the WTI. The OPEC+ group has agreed to accelerate oil production as of May, even when the OPEC provides a slightly lower demand for crude oil and weaker economic growth.
The weekly report of the American Petroleum Institute (API) showed that crude oil inventories in the US for the week that ended on April 11 increased by 2.4 million barrels, compared to a decrease of 1,057 million barrels in the previous week. The market consensus estimated that inventories would fall at 1.68 million barrels. So far this year, crude oil inventories have increased more than 24 million barrels, according to API data.
WTI FAQS oil
WTI oil is a type of crude oil that is sold in international markets. WTI are the acronym of West Texas Intermediate, one of the three main types that include the Brent and Dubai’s crude. The WTI is also known as “light” and “sweet” by its relatively low gravity and sulfur content, respectively. It is considered high quality oil that is easily refined. It is obtained in the United States and is distributed through the Cushing Center, considered “the crossing of the world.” It is a reference for the oil market and the price of WTI is frequently traded in the media.
Like all assets, supply and demand are the main factors that determine the price of WTI oil. As such, global growth can be a driver of the increase in demand and vice versa in the case of weak global growth. Political instability, wars and sanctions can alter the offer and have an impact on prices. OPEC decisions, a group of large oil -producing countries, is another key price factor. The value of the US dollar influences the price of WTI crude oil, since oil is mainly traded in US dollars, so a weaker dollar can make oil more affordable and vice versa.
Weekly reports on oil inventories published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) influence the price of WTI oil. Changes in inventories reflect the fluctuation of supply and demand. If the data show a decrease in inventories, it can indicate an increase in demand, which would raise the price of oil. An increase in inventories may reflect an increase in supply, which makes prices lower. The API report is published every Tuesday and that of the EIA the next day. Their results are usually similar, with a 1% difference between them 75% of the time. EIA data is considered more reliable, since it is a government agency.
The OPEC (Organization of Petroleum Exporting Countries) is a group of 13 nations oil producing that collectively decide the production quotas of member countries in biannual meetings. Their decisions usually influence WTI oil prices. When OPEC decides to reduce fees, it can restrict the supply and raise oil prices. When OPEC increases production, the opposite effect occurs. The OPEC+ is an expanded group that includes another ten non -members of the OPEC, among which Russia stands out.
Source: Fx Street

I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.