- The WTI price rises to $ 67.40 in the early Asian session on Thursday.
- Crude oil reserves in the US increased by 1,448 million barrels last week, according to EIA.
- The concerns about the US economic deceleration and Trump’s aggressive tariffs about imports could weigh about WTI.
The West Texas Intermediate (WTI), the referent of the ee.Uu crude oil, is quoted around $ 67,40 during the early Asian session on Thursday. The WTI price expands recovery in the midst of more tight oil inventories than expected. However, the bullish potential for the price of WTI could be limited due to the growing fears of an economic slowdown in the US and the impact of tariffs on global economic growth.
Crude oil reserves increased last week. The Weekly Report of the US Energy Information Administration (EIA) showed that crude oil reserves in the United States for the week that ended on March 7 increased by 1,448 million barrels, compared to an increase of 3,614 million barrels in the previous week. The market consensus estimated that reserves would increase by 2.1 million barrels.
“This week, the oil increase was lower than expected and gasoline and diesel reductions were greater than expected,” said Josh Young, Bison Interests investment director. “This shows a stronger demand and could see oil prices increase as a result.”
However, the aggressive import tariffs of the president of the US, Donald Trump, increase prices for companies, promote inflation and undergo consumer confidence, which would affect economic growth. This, in turn, could drag the price of WTI down. The White House confirmed on Tuesday that the new 25% tariffs especially imported steel and aluminum will remain in force on Wednesday, including against allies and main providers of the US, Canada and Mexico.
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.