The data includes the latest futures prices in USD per barrel with timestamps for each update. Access real-time WTI (West Texas Intermediate) crude oil pricing data through our professional API. The primary oil benchmark for North American markets, updated every 5 minutes. 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.
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To learn which method is the right one for you, follow the link see the article “How to Trade Oil”. WTI today is an important piece of information for traders for several reasons. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. Ethereum slides below short-term support at $3,300 as sellers tighten their grip. Ethereum’s balance on exchanges drops to its lowest level in nine years as capitulation continues.
Like 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. 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.
WTI Crude Oil Price
The most important type of crude oil used in Europe is Brent Crude, named after the North Sea oilfield where it is extracted. Brent Crude is a particularly light crude oil which is carried from the North Sea to the Sullom Voe Terminal on Mainland, Shetland by an underwater pipeline. The price of WTI is a key indicator of a commodity’s supply and demand. By knowing the current price, traders can assess potential future price movements and make informed decisions about buying, selling, or holding their positions. In December 2005 the global demand for crude oil was 83.3 million barrels per day according to the International Energy Agency (IEA) and this will continue to rise further. Trading can be done either by speculating on its market price, or exchanging the physical commodity.
- For the purposes of trading on futures exchanges in London or New York, however, reference oils are used.
- Ethereum slides below short-term support at $3,300 as sellers tighten their grip.
- The reference oil traded most frequently and of major significance for the USA is West Texas Intermediate (WTI), while the most important in Asia is Dubai Fateh.
- Fedspeak, the US Supreme Court and US data could challenge the Dollar’s current strength.
- The yellow metal, in the meantime, trades with decent gains and adds to Wednesday’s uptick, always helped by the softer US Dollar and declining US Treasury yields across the board.
WTI/USD – Crude Oil WTI Spot US Dollar
- This is the live NYMEX futures price for West Texas Intermediate crude oil, the primary benchmark for North American oil markets.
- If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price.
- Keep yourself updated on relevant WTI market news and events that can influence prices.
- Because the supply of crude oil is limited but demand is constantly increasing, the price of oil is also continuously rising.
Corroborating with steady institutional demand, the retail demand is resurfacing, suggesting further gains for Solana. Gold remains on a positive foot, coming back from how bitcoin mining works earlier daily lows and refocusing on the key $4,000 mark per troy ounce. The yellow metal, in the meantime, trades with decent gains and adds to Wednesday’s uptick, always helped by the softer US Dollar and declining US Treasury yields across the board.
Price of oil (Brent Crude and WTI)
Brent crude oil is one of the most popular oil benchmarks in the world, it’s recovered from the North Sea. Brent makes such a good benchmark because it is easy to refine into products such as diesel, gasoline, petrol, and other end products, which are in a great and consistent demand. Keep yourself updated on relevant WTI market news and events that can influence prices. Also consider insights from financial analysts and market experts to refine your trading decisions. OPEC (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.
WTI (West Texas Intermediate) is a grade of crude oil used as a benchmark in oil pricing. It’s a light, sweet crude oil with low sulfur content (0.24%), making it ideal for gasoline refining. WTI is delivered at Cushing, Oklahoma, and is the underlying commodity for NYMEX oil futures contracts. West Texas Intermediate (WTI) is a light, sweet crude oil (petroleum with less than 0.5% sulfur is called sweet) considered one of the main global oil benchmarks, along with Brent oil.
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Institutional and retail interest remain subdued amid persistent ETF outflows and declining Open Interest.
Key Characteristics
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. Solana (SOL) trades above $160 at press time on Wednesday, holding steady after 4% rise on the previous day, underpinned by the broader market recovery.
WTI is a blend of several oils drilled and processed in the United States, primarily serves as a benchmark for the US oil market. WTI and Brent are both light, sweet crude oils but differ in origin and pricing. WTI comes from U.S. oil fields and is delivered at Cushing, Oklahoma, while Brent originates from North Sea oil fields. Brent typically trades at a premium to WTI and is used as the global oil pricing benchmark. Our WTI crude oil prices are updated every 5 minutes during market hours, providing near real-time data from NYMEX futures trading.
West Texas Intermediate (WTI) Oil price advances on Thursday, early in the European session. The author has not received compensation for writing this article, other than from FXStreet. Risk appetite has not fully enjoyed the treats of a Fed rate cut, strong earnings and trade peace. Fedspeak, the US Supreme Court and US data could challenge the Dollar’s current strength. Aussie and Pound are on divergent paths as respective central banks meet next week.
These are standardised products used to determine the prices for all other types. The reference oil traded most frequently and of major significance for the USA is West Texas Intermediate (WTI), while the most important in Asia is Dubai Fateh. Other reference oil types include Leona, Tijuana, Alaska North Slope, Zueitina or Urals.
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It is a benchmark for the Oil market and WTI price is frequently quoted in the media. The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. 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. 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.
Besides its primary role as the most important energy source, crude oil is also an essential raw material for manufacturing plastics. Because the supply of crude oil is limited but demand is constantly increasing, the price of oil is also continuously rising. Because crude oil is needed to manufacture other primary materials, it is the world’s most important commodity. The US investment bank Goldman Sachs estimates the proportion of crude oil used for primary materials production to be 45 per cent. The current WTI crude oil price is $59.67 per barrel, updated 4 minutes ago.
This is the live NYMEX futures price for West Texas Intermediate crude oil, the primary benchmark for North American oil markets. West Texas Intermediate (WTI) is a grade of crude oil used as a benchmark in oil pricing and is the underlying commodity of the New York Mercantile Exchange’s oil futures contracts. 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 sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”.