Despite ongoing concerns in the Middle East, Crude Oil markets are facing downward pressure, with West Texas Intermediate (WTI) US Crude Oil falling below $73.00 per barrel. The recent release of Weekly Crude Oil Stock counts by the American Petroleum Institute (API) showed a slight increase in US barrel counts, marking a potential end to a period of sharp declines.
The geopolitical tensions in the Middle East, particularly between Israel and Iran, have added to the uncertainty in the Crude Oil markets. The threat of retaliation from Iran against Israel has led to increased naval presence in the region, but this has not translated into higher Crude Oil prices.
Technical Outlook for WTI
With WTI Crude Oil on a downward trend, prices have fallen below $73.00 per barrel and are showing a -15.00% decline from July’s peak. The daily chart indicates a bearish outlook for WTI, with prices hovering around $71.00 per barrel.
WTI Oil FAQs
WTI Oil, also known as West Texas Intermediate, is a benchmark for the Oil market and is considered a high-quality, easily refined Oil. Supply and demand, global growth, political instability, and decisions by OPEC are key factors influencing the price of WTI Oil. The weekly Oil inventory reports by API and EIA also play a significant role in determining Oil prices.
Overall, investors should keep a close eye on geopolitical developments in the Middle East and the data from API and EIA to make informed decisions about their investments in Crude Oil.