West Texas Intermediate (WTI) Oil prices remain steady, hovering around $66.80 per barrel during Thursday's Asian session.
WTI prices remain stable as demand concerns have counterbalanced the potential impact of Hurricane Francine on US Oil production. Oil demand faces challenges due to the growing adoption of electric vehicles in key markets like China. EIA Crude Oil Stocks rose by 0.833 million barrels for the previous week, against the forecasted 0.9 million-barrel increase. West Texas Intermediate Oil prices remain steady, hovering around $66.80 per barrel during Thursday's Asian session.
, 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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