WTI Charts and Quotes

WTI Crude Oil futures and options are the most efficient way to trade the largest light, sweet crude oil blend. Hedge to minimize the impact of potentially adverse price moves on the value of oil-related assets, or trade to express your views on oil price movements. Saudi Arabia and Russia’s crude oil output cut of 1.3 million barrels per day until December 2023 is the main driver behind the recent climb in oil prices. Also, floods and storms in Eastern Lybia continued to weigh on the oil supply, as the four major oil exports remained closed since the weekend. We also explain what oil blends are (like Brent and WTI), and ways you can speculate on live crude oil spot prices without having to buy physical barrels.

Extraction costs are typically higher for new resources, meaning these oils are only competitive in lower-supply, high-price environments. 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 real-time price of Brent crude oil is at $91.97 per barrel, and the price of WTI crude oil is at $88.53 per barrel. Oil prices are customarily quoted in dollars (USD) around the world, not only in the US or when referring to US crude oil.

What Is The Brent Crude Oil Spot Price?

European equity indexes finished Wednesday broadly lower as investors brace for the latest rate call from the European Central Bank (ECB). The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Get this delivered to your inbox, and more info about our products and services.

Reuters provides business, financial, national and international news to professionals via desktop terminals, the world’s media organizations, industry events and directly to consumers. An easy way to get breaking news about the crude oil market is to create a Google Alert which will email you top news stories about oil as they occur. This guide explains exactly what the oil spot price represents and what factors determine the constantly moving live price.

• Other reference oil types include Leona, Tijuana, Alaska North Slope, Zueitina or Urals.
• Today’s WTI crude oil spot price of $88.53 per barrel is up 0.82% compared to one week ago at $87.81 per barrel.
• For a look at all of today’s economic events, check out our economic calendar.
• Read on to learn more about the live crude oil price you see historically, or on active trading days.

Also, remember that the Americans are going to have to replace the Strategic Petroleum Reserve that the Biden Administration emptied last year. If you check live prices on Saturdays, you will always see the last recorded WTI crude price from the previous Friday. Gain direct exposure to the crude oil market using CME Group West Texas Intermediate (WTI) Light Sweet Crude Oil futures, the world’s most liquid oil contract.

North Sea Brent represents the price of light, sweet crude oil in Europe. Trade the spread between these two crudes at NYMEX for increased efficiency. Meanwhile, Brent Crude Oil markets exhibit resilience as they hover around the psychological $90 how goodwill is calculated threshold. This level has recently witnessed substantial volatility, underscoring its significance for traders. Similar to WTI, Brent has sustained an upward trajectory, signaling a clear shift in market sentiment that’s difficult to overlook.

According to IGCS, only 37% of retail traders are net-long crude oil. Since the majority of them are biased to the downside, this hints prices may continue rising down the road. This is as downside exposure increased by 10.17% and 12.70% compared to yesterday and last week, respectively.

Forex MAJORS

The dollar gained, pushing the yen to a 10-month low and driving the euro and sterling to their weakest levels in three months, as investors placed their bets on a still-resilient U.S. economy. A stronger dollar boosts the cost of greenback-denominated oil purchases for holders of other currencies. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Oil – US Crude-bearish contrarian trading bias. Further information on each exchange’s rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX. Cheaper natural gas affects oil demand as a viable energy alternative.

Two major benchmarks for pricing crude oil are the United States’ WTI (West Texas Intermediate) and United Kingdom’s Brent. The differences between WTI and Brent include not only price but oil type as well, with WTI producing crude oil with a different density and sulfur content. The demand for crude oil is dependent on global economic conditions as well as market speculation. Although there have been discussions of replacing the USD with another trade currency for crude oil, no definitive actions have been taken. On an international level there are a number of different types of crude oil, each of which have different properties and prices.

GDP reports track the health of the US economy, and in turn, consumer demand for gasoline. Crude oil costs account for 56% of the average price of a gallon of heating oil or ultra-low-sulfur diesel. Spread NYMEX WTI with other liquid NYMEX energy benchmarks to easily capture inherent price relationships, and get cross-margin savings, operational efficiencies, and lower costs. Despite weakened demand, Northwestern European steelmakers are aiming to raise steel prices by €20 per metric ton. China dominates global seaport trade traffic, with Asian countries and the U.S. also playing prominent roles in the industry.

Trade NYMEX WTI Crude Oil futures (CL), the world’s most liquid crude oil contract. When traders need the current oil price, they check the WTI Crude Oil price. 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. The most important type of crude oil used in Europe is Brent Crude, named after the North Sea oilfield where it is extracted.

The latest report from the Organization of Petroleum Exporting Countries (OPEC) foresees oil demand will rise by 2.25 million barrels per day (bpd) in 2024. The OPEC stuck to its robust growth projections in global oil demand in 2023 and 2025, suggesting that major economies are stronger than expected. Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day.

Gift Nifty Up 44 Pts in Pre-Open Trade Ahead of US CPI, Global Cues

For example, you can see that Brent crude oil spot prices are quoted by the barrel (bbl), as are West Texas Intermediate (WTI) oil prices on global futures exchanges like NYMEX. Crude Oil is a naturally occurring liquid fossil fuel resulting from plants and animals buried underground and exposed to extreme heat and pressure. Crude oil is one of the most demanded commodities and prices have significantly increased in recent times.

This technical signal underscores the market’s bullish long-term outlook. Gold trades at around $1,910 in the American afternoon, losing ground for a second consecutive day. Major assets seesawed within familiar levels throughout the first half of the day, as investors held ground ahead of the release of United States (US) inflation figures. “The wind has been taken out of the bulls’ sail overnight by rising Chinese product exports last month, albeit crude oil imports rose,” PVM Oil analyst Tamas Varga said.

Oil price surge and inflation concerns impact global markets

No part of any data presented on this website may be re-published, re-displayed or otherwise re-distributed without the prior written consent of Oilprice.com. New projections suggest the age of relentless growth for energy demand is about to let up, the International Energy Agency chief said.

That’s the first component of oil prices — the extraction process and machinery required. Gasoline prices are impacted by crude oil price changes and can be traded with RBOB futures or RBOB as a spread to WTI. In the grander scheme of things, the oil market maintains its optimism, with Russia and Saudi Arabia strategically curbing their oil supply. Their commitment to voluntary price cuts signals their dedication to higher prices. Nonetheless, clouds may gather on the horizon if the global economy eventually slows down.

These were on top of the April cuts agreed by several OPEC+ producers running to the end of 2024. Brent crude oil opened the year of 2020 amidst an uptrend that began in November 2020 from $38.84 per barrel and continued the rally to $68.72 per barrel until early March 2021. If you’re new to futures, the courses below can help you quickly understand the Crude Oil market and start trading.

While the market was expecting an increase in inflation on a yearly basis, it was taken by surprise as the actual CPI rate exceeded the forecasts. In the meantime, Kazakhstan revealed that its oil production fell to 213,8000 metric tons on September 11 from 243,500 tons as maintenance work began on the pipelines. On the daily chart below, WTI has closed above a string of highs set over the past few days, reaching the highest since the middle of November. The push higher has also brought WTI to the 61.8% Fibonacci extension level at 88.75, which is immediate resistance. A confirmatory breakout higher exposes the 92.43 – 93.72 resistance zone from October. Prices had also spiked earlier in the week after Saudi Arabia and Russia, the world’s top two oil exporters, extended voluntary supply cuts to the year-end.

Released on Tuesdays, API reports track total US and regional inventories and refinery operations data. Released on Wednesdays, EIA reports track https://1investing.in/ US crude inventories levels stored for future use. Financial look-alike products offer an alternative to clients looking for cash-settlement.

Other reference oil types include Leona, Tijuana, Alaska North Slope, Zueitina or Urals. Technological developments and changes in resource distributions along the oil supply chain will also impact crude oil spot prices. The increased focus on renewable energy is already accelerating such changes.

EIA data show U.S. crude-oil inventories up 4 million barrels last week

Over 1 million contracts of WTI futures and options trade daily, with approximately 4 million contracts of open interest. Nonetheless, it’s essential to remember that markets don’t go higher indefinitely in a single direction. A retracement toward the $85 level is anticipated to capture significant attention, with a subsequent focus on the $83 level. Despite the possibility of market fluctuations, shorting the market doesn’t appear to be a wise strategy given its current resilience. United States Consumer Price Index (CPI) data was released by the US Bureau of Labor Statistics (BLS).

Data are provided ‘as is’ for informational purposes only and are not intended for trading purposes. Updates to policy can dramatically impact world oil supply—and in turn, prices. Building on the strength and liquidity of Micro WTI futures, Micro WTI options can add versatility to your crude oil strategies.

Nevertheless, prepare for a wild journey in the oil market in the upcoming months. Volatility is expected to be a constant companion as market dynamics evolve. The road ahead for crude oil prices is marked by uncertainty, but the prevailing bullish sentiment, bolstered by strategic supply adjustments, prevails. If we can avoid a recession, this will only bolster prices in this sector.

With that in mind, the combination of overall exposure and recent changes offers a stronger bullish contrarian outlook. 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. However, the global pool of oil and the ease with which oil moves around the world levels some of these price pressures, and no one oil producer to completely dominate the world market. Oil prices are typically quoted per barrel — this is the same for the Brent crude oil spot price. Western Texas Intermediate (WTI), the US crude oil benchmark, climbed more than 2% to a 10-month high in the mid-North American session, as oil supply is projected to remain tight.

Marko has been working on the road for over 5 years, and is currently based in Europe. Alongside writing and editing, Marko works on projects related to online technology and digital marketing. All market data (will open in new tab) is provided by Barchart Solutions.