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. Additionally, natural disasters, market speculation, and shifts in currency exchange rates can lead to sudden changes in oil prices. The highest ever historical WTI crude oil price was at $141.63 per barrel. Other significant recent historical highs include $77.74 per barrel in Jul, 2006 and $109.50 per barrel in Aug, 2013.
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.
The characteristics of WTI oil are lighter and easier to process, so it is in great demand, especially in the US and China. This guide explains exactly what the oil spot price represents and what factors determine the constantly moving live price. WTI crude oil also opened 2021 with an uptrend at $48.27 per barrel. WTI crude had a series of rallies and tumbles to reach a year-high price of $84.06 per barrel in late October 2021. The deal helps AT&T increase its long-term goal of putting its fiber-optic lines within reach of more homes and businesses.
President Donald Trump’s decision to extend the deadline for a trade deal with the European Union (EU) to early July. This extension, granted after European Commission President Ursula von der Leyen requested more time to finalize the deal, provided temporary relief to global markets. At the time of writing, Brent crude was trading at $64.96 per barrel, while West Texas Intermediate (WTI) crude was at $61.68 per barrel. This marks a brief uptick following a tough week, influenced by broader market uncertainties, including negotiations between the U.S. and Iran and OPEC+ production hikes. The commodity of crude oil is by far the world’s most important energy source and the price of oil therefore plays an important role in industrial and economic development.
Key data points
On an international level there are a number of different types of crude oil, each of which have different properties and prices. The types of crude oil come from regions as diverse as Alaska North Lope, Arab Light or Zueitina in Libya. For the purposes of trading on futures exchanges in London or New York, however, reference oils are used. These are standardised products used to determine the prices for all other types.
- Russia said its air defenses downed 485 Ukrainian drones over a period of two days, a sustained attack that delayed more than 100 flights as airports around Moscow temporarily halted operations.
- OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
- If the Iran deal gets signed too, the market could be flooded with more oil than it needs.
- The EIA data is considered more reliable, since it is a government agency.
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Bitcoin climbed as much as 3.3% on Thursday to hit a record of $111,878, before paring some of the increase. Smaller tokens also rose in a broad rally, with second-ranked Ether at one point up about 7.3%. TP ICAP Group Plc was hit by a German court ruling ordering it to pick up a potentially multimillion-euro tax bill because the broker allowed its managers to commit crimes with Cum-Ex trading. AT&T will pay cash for the unit of Lumen, according to a statement Wednesday. Talks between the companies were reported earlier by Bloomberg News. The sale is subject to regulatory approval and is expected to close in the first half of next year.
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“But the market reaction to them at this point is waiting for anything (tangible) to actually show up.” Both Brent and WTI had traded higher earlier in Monday’s session after U.S. President Donald Trump said he agreed to extend a deadline for trade talks with the European Union until July 9, marking another temporary trade policy reprieve. According to the latest Dallas Fed Energy Survey, shale drillers require $61 per barrel of WTI crude to remain profitable.
Hinge Health Inc. shares rose 19% after the digital physical therapy provider and a group of investors raised $437 million in an initial public offering priced at the top of a marketed range. For a look at all of today’s economic events, check out our economic calendar. OPEC oil output edged lower in April despite a scheduled output hike taking effect, Johnston pointed out, which added to the overall market hesitancy. Brent crude futures settled Cci indicator down four cents at $64.74 a barrel, while U.S.
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- From time to time new oil resources come online — like Canadian oil sands or US crude oil from oil shale — these add to the global supply.
- Economic conditions also influence oil prices; during periods of economic growth, increased demand for oil can drive prices up, while economic downturns can lead to lower demand and prices.
- At local time on Sundays for your chosen exchange, you’ll almost certainly get the last Brent crude oil spot price that the market closed with.
- This is part of a broader strategy that mirrors the 2014 oil price war, which aimed to undercut U.S. shale by flooding the market with cheap oil.
Federal Reserve Governor Christopher Waller said the central bank could cut interest rates in the second half of 2025 if the Trump administration’s tariffs on US trading partners settle around 10%. Bank of England rate-setter Swati Dhingra said there was new evidence that Brexit had dealt a bigger blow to Britain’s services trade than previously realised. Russia said its air defenses downed 485 Ukrainian drones over a period of two days, a sustained attack that delayed more than 100 flights as airports around Moscow temporarily prtrend halted operations. A wave of optimism is buoying Bitcoin after the advancement of a key stablecoin bill in the US Senate fueled hopes of greater regulatory clarity for digital-asset firms under President Trump, who is avowedly pro-crypto. Surging demand from Michael Saylor’s Strategy, which has stockpiled over $60 billion worth of Bitcoin, and a growing list of token hoarders is another driving force behind the rally.
However, despite the positive market reaction to the tariff delay, the market is still facing headwinds. OPEC+ has reportedly agreed to increase oil production by another 411,000 barrels per day in July, following the same increase in June. This decision could potentially counteract any price increases driven by trade deal optimism, as the market grapples with fears of oversupply. The planned production hike is part of OPEC+’s strategy to recover market share and maintain its influence, but it risks keeping oil prices in check as the supply-demand balance becomes skewed. Besides its primary role as the most important energy source, crude oil is also an essential raw material for manufacturing plastics.
After a strong start to the year, the IEA now expects demand to grow by just 650,000 barrels per day for the rest of 2025 — down from nearly 1 million barrels per day earlier. OPEC (Organization of the Petroleum Exporting Countries) is martingale strategy forex a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia. Traders will closely monitor the developments surrounding the US-Iran nuclear talks. If negotiations between the two countries fail, this would limit the Iranian oil supply.
However, OPEC+ has indicated that a more strategic, subtle price war may be on the horizon, designed to exert long-term pressure on U.S. shale without triggering immediate catastrophic losses for all involved. For now, UAE businesses and consumers can expect continued oil price swings, with downward pressure likely to persist unless a major change shifts the balance. This imbalance — too much oil and not enough demand — could cause stockpiles to grow and prices to fall further. For UAE buyers, that might translate into lower fuel prices locally, as the country adjusts retail fuel prices monthly based on global oil trends. WTI (West Texas Intermediate) is petroleum produced in North America and in most applications used for gasoline products.
Global Events
Continuing claims, which run a week behind, totalled 1.9 million, up 36,000 from the prior period. The four-week moving average rose to 1.89 million, its highest level since Nov. 27, 2021. Jobless claims totalled a seasonally adjusted 227,000 for the week ending May 17, a drop of 2,000 from the prior period and just below the Dow Jones estimate for 230,000, the Labour Department reported Thursday.
