Quotes for energy resources WTI US Crude Oil Spot (WTI)

• WTI price steadies near $69.30 in Wednesday’s early Asian session. 
• Russia’s defence ministry said Ukraine used US ATACMS missiles to strike Russian territory. 
• Weaker Chinese demand could weigh on the WTI price.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $69.30 on Wednesday. The WTI price trades flat after Ukraine used US ATACMS missiles to strike Russian territory for the first time. 

On Tuesday, Russia’s defense ministry said that Ukraine hit a facility in the Bryansk region with six ATACAMS missiles. In response, Russian President Vladimir Putin lowered the threshold for a possible nuclear strike. The rising geopolitical tensions could boost the WTI price for the time being. "This marks a renewed build up in tensions in the Russia-Ukraine war and brings back into focus the risk of supply disruptions in the oil market," ANZ Bank analyst Daniel Hynes said.

Additionally, Iranian supreme leader Ayatollah Ali Khamenei warned of a "crushing response" to Israel's recent air strikes on Iran, which raise concerns about the region's crude supply disruption. This, in turn, might contribute to the WTI’s upside. 

On the other hand, China's demand for oil slowed dramatically this year. China's crude oil demand fell -5.4% YoY in October, which might exert some selling pressure on the black gold as China is the world's second-largest crude consumer. Chinese demand growth is set to reach just 140,000 bpd this year, a tenth of the 1.4 million bpd demand growth of 2023, according to the IEA. 

• WTI price receives support from growing supply concerns due to rising geopolitical tensions.
• Kremlin warned to retaliate if Ukraine use Army Tactical Missile Systems (ATACMS).
• Norway’s Equinor announced a production halt at its Johan Sverdrup Oilfield due to an onshore power outage.

West Texas Intermediate (WTI) Oil price extends its gains for the second successive session, trading around $69.20 per barrel during Asian hours on Tuesday. Crude Oil prices have gained support amid growing supply concerns over a potential escalation in the Russia-Ukraine conflict. On Sunday, Russia launched its largest airstrike on Ukraine in nearly three months, inflicting significant damage on the country's power infrastructure. 

On Sunday, US President Joe Biden authorized Ukraine to use Army Tactical Missile Systems (ATACMS), advanced long-range American weapons, to conduct strikes within Russia. CNN cited two US officials.

In response, the Kremlin warned on Monday that it would retaliate against what it described as a reckless move by the Biden administration. Russia had previously cautioned that such actions could heighten the risk of confrontation with NATO.

Crude Oil prices found support after Norway’s Equinor announced a production halt at its Johan Sverdrup Oilfield, the largest in Western Europe, due to an onshore power outage. According to the company on Monday, efforts to restore production are underway, but a timeline for resumption remains uncertain, as reported by Reuters.

Last week, crude Oil prices faced downward pressure after Federal Reserve Chair Jerome Powell tempered expectations for near-term rate cuts, emphasizing the economy’s resilience, a robust labor market, and persistent inflationary challenges. Adding to the bearish sentiment, concerns about weakening demand in China, the world’s largest Oil importer, have further weighed on the Oil prices.

• WTI receives minor support due to increased fears over possible supply disruptions amid rising geopolitical tensions.
• Russia launched its largest airstrike on Ukraine in nearly three months.
• Biden allows Ukraine to use Army Tactical Missile Systems (ATACMS) to strike inside Russia.

The West Texas Intermediate (WTI) Oil price holds steady above $67.00 per barrel during Monday's Asian trading session, reversing a recent decline as escalating tensions between Russia and Ukraine heighten worries over possible supply disruptions.

Over the weekend, Russia launched its most significant airstrike on Ukraine in nearly three months. Moscow also stationed nearly 50,000 troops in Kursk, a southern Russian region. In addition, North Korea has sent thousands of its troops to Kursk as part of Russia's offensive. This move has raised alarm among US President Joe Biden and his advisers, with concerns that North Korea's involvement could usher in a perilous new phase in the conflict, according to CNN News.

Moreover, CNN News reported on Sunday, citing two US officials, that President Joe Biden has authorized Ukraine to use the Army Tactical Missile Systems (ATACMS), powerful long-range American weapons, to carry out strikes within Russia.

Additionally, crude Oil prices faced pressure as Federal Reserve Chair Jerome Powell dampened expectations for imminent rate cuts, highlighting the economy's resilience, a strong labor market, and ongoing inflationary pressures. Powell remarked, "The economy is not sending any signals that we need to be in a hurry to lower rates." Prolonged higher borrowing costs could negatively affect economic activity in the United States (US), the world’s largest Oil consumer.

Meanwhile, concerns over weakening demand in China, the world’s largest Oil importer, have fueled bearish sentiment in the crude Oil market. The recent 10 trillion Yuan debt package in China, which lacked direct economic stimulus measures, has further intensified market worries.

• WTI price flat lines near $68.40 in Friday’s early Asian session. 
• US crude stocks increased by 2.1 million barrels last week, according to the EIA. 
• A stronger USD and demand worries might drag the WTI price lower. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $68.40 on Friday. The WTI price remains steady as a steep draw in US fuel stocks offset oversupply fears. 

The Energy Information Administration (EIA) weekly report showed crude stocks increased last week. Crude oil stockpiles in the United States for the week ending November 8 rose by 2.089 million barrels, compared to a rise of 2.149 million barrels in the previous week. The market consensus estimated that stocks would increase by 1.85 million barrels. Meanwhile, US gasoline inventories hit a two-year low, falling by 4.4 million barrels last week, compared with analysts' expectations of a 600,000-barrel build. 

A stronger US Dollar (USD) might cap the upside for the USD-denominated oil as it makes oil more expensive for holders of other currencies, which can reduce demand. The US Dollar Index (DXY), a measure of the value of the USD against a basket of six currencies, currently trades near 106.90 after hitting a fresh year-to-date high near 107.05.

"Crude futures are trying to establish equilibrium pricing as a rising U.S. dollar index is creating a further headwind, along with a Trump administration that will now have control of Congress, which is likely to roll back most of the Biden administration's energy policies," Dennis Kissler, senior vice president of trading at BOK Financial, said in a note.

Furthermore, the Organisation of Petroleum Exporting Countries (OPEC) latest downward revision for demand growth earlier this week might weigh on the WTI. OPEC lowered its global oil demand growth predictions for 2024 and 2025, claiming sluggish demand in China, India, and other areas, marking the producer group's fourth straight downward revision. 

• WTI price rebounds slightly to near $67.90 in Thursday’s early Asian session. 
• US crude stocks fell by 777,000 barrels last week, citing the API on Wednesday.
• The firmer USD and OPEC's latest downward revision for demand growth could cap the WTI’s upside. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading to around $67.90 on Thursday. The WTI price recovers slightly amid the surprise on crude oil draw. However, the stronger US Dollar (USD) broadly might cap its gains. 

The American Petroleum Institute (API) weekly report showed crude stocks declined last week. Crude oil stockpiles in the United States for the week ending November 8 fell by 777,000 barrels, compared to a rise of 3.132 million barrels in the previous week. The market consensus estimated that stocks would increase by 1 million barrels.

The upside for the black gold might be limited as the US Dollar Index (DXY) climbed to the highest level since November 2023 after the US Consumer Price Index (CPI) inflation data for October came in line with expectations. A firmer Greenback makes USD-denominated oil more expensive for holders of other currencies, which can reduce demand.

Furthermore, the Organization of the Petroleum Exporting Countries’s (OPEC) latest downward revision for demand growth on Tuesday contributes to the WTI’s downside. OPEC lowered its global oil demand growth forecasts for 2024 and 2025, citing weak demand in China, India, and other regions, marking the producer group's fourth consecutive downward revision.

Looking ahead, Oil traders will keep an eye on the US Energy Information Administration (EIA) Crude Oil stockpiles report, which is due later on Thursday. Also, the US Producer Price Index (PPI), Initial Jobless Claims, and Fedspeak will be closely monitored later in the day. 

• WTI price remains on the defensive near $68.00 in Wednesday’s early Asian session.
• OPEC's latest downward revision for demand growth, a stronger USD and weak China demand drag the WTI price lower. 
• Investors will focus on the US CPI inflation data, which is due later on Wednesday. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $68.00 on Wednesday. The WTI price edges lower after the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for global oil demand growth in 2024.

OPEC's latest downward revision for demand growth exerts some selling pressure on the black gold. OPEC stated in a monthly report on Tuesday that world oil demand will rise by 1.82 million barrels per day (bps) in 2024, down from growth of 1.93 million bpd it expected last month. OPEC also lowered its 2025 global demand growth estimate to 1.54 million bpd from 1.64 million bpd, marking the producer group's fourth consecutive downward revision.

Disappointment over China's latest stimulus plan undermines the WTI price as China is the world's second-biggest oil consumer. Last week, China announced a stimulus plan of 10 trillion yuan, but analysts worry that it would not be enough to stimulate the economy. This, in turn, has raised fears about China's likely decline in oil consumption.

The stronger US Dollar (USD) contributes to the WTI’s downside as it makes USD-denominated Oil prices more expensive. Meanwhile, the US Dollar Index (DXY), a measure of the USD's value relative to a basket of foreign currencies, climbs to fresh six-month peaks past the 106.00 barrier. Investors will keep an eye on the US October Consumer Price Index (CPI) inflation data on Wednesday for fresh impetus. In case of the surprise softer-than-expected outcome, this could weigh on the Greenback and help limit the WTI’s losses. 

• WTI price drifts lower to near $68.00 in Tuesday’s early Asian session. 
• The stronger USD weighs on the USD-denominated Oil. 
• China's stimulus plan disappointed investors, dragging the WTI price lower. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $68.00 on Tuesday. The WTI price edges lower amid the fears that a Trump administration will spark a tariff-led trade war and concerns about demand growth in China. 

Donald Trump's US presidential election victory may continue to affect the WTI prices. Trump has announced his intention to impose a blanket tariff ranging from 10% to 20% on all imports and additional tariffs on up to 60% of products imported from China. A renewed trade war with China would also likely hurt economic growth in China, delaying any recovery in crude oil demand.

The firmer Greenback contributes to the WTI’s downside. Meanwhile, the US Dollar Index (DXY), a measure of the USD's value relative to a basket of foreign currencies, climbs to fresh four-month peaks around 105.70. This makes USD-denominated Oil prices more expensive. However, the profit-taking in the Greenback might cap the downside for the black gold for the time being. 

Beijing's latest stimulus package, which was announced on Friday, fell short of market expectations. Additionally, data released on the weekend showed that Chinese consumer prices rose at the slowest pace in four months in October while producer price deflation deepened, raising concerns about demand growth in the world's second-biggest oil consumer. 

• WTI prices depreciated as China’s latest stimulus measures fell short of investor expectations, further weakening demand outlooks for Oil.
• China announced a 10 trillion Yuan debt package that does not include direct economic stimulus measures.
• Oil prices fall due to easing concerns over potential supply disruptions from Storm Rafael in the US Gulf of Mexico.

West Texas Intermediate (WTI) Oil price continues to decline for the second consecutive day, trading around $69.90 per barrel during the Asian hours on Monday. The drop in crude Oil prices comes as China's latest stimulus measures disappointed investors, further weakening demand expectations from the world’s largest Oil importer.

On Friday, China announced a 10 trillion Yuan debt package aimed at easing local government financing pressures and supporting economic growth, but the package did not include direct economic stimulus measures, which added to market concerns. Additionally, lower-than-expected Chinese economic data released on Saturday highlighted deflation risks, despite Beijing’s stimulus efforts in late September.

China’s Consumer Price Index (CPI) rose by 0.3% year-over-year in October, slightly below market expectations and down from September’s 0.4%. The month-over-month CPI fell by 0.3%, a sharper decline than the anticipated 0.1% drop, following a flat reading in September. Meanwhile, China’s producer prices dropped by 2.9% year-over-year, a steeper decline compared to the 2.8% fall in the previous month.

Oil prices have eased after concerns over potential supply disruptions from Storm Rafael in the US Gulf of Mexico subsided. As of Sunday, more than a quarter of US Gulf of Mexico Oil production and 16% of natural gas output remained offline, Reuters cited the offshore energy regulator.

However, crude Oil prices could gain momentum as Donald Trump is expected to tighten sanctions on OPEC+ members Iran and Venezuela, potentially reducing Oil supply to global markets. Additionally, Oil markets are being supported by strong demand from US refiners, who are anticipated to operate their plants at over 90% of their crude processing capacity, amid low inventories.

• WTI price positions for a weekly gain of more than 3% after the Fed’s rate cut.
• Markets expect the incoming Trump administration to tighten sanctions on Iran and Venezuela, potentially reducing the Oil supply.
• Crude supply disruptions continue as Oil production in the US Gulf of Mexico remains shut down due to Hurricane Rafael.

West Texas Intermediate (WTI) Oil price steadies around $71.50 per barrel during the Asian session on Friday, positioning for a weekly gain of over 3%. This rise in crude Oil prices may be attributed to investors assessing the potential impact of the Federal Reserve's recent rate cut and the upcoming policies of the Donald Trump administration on Oil supply dynamics.

The Federal Open Market Committee (FOMC) lowered its benchmark overnight borrowing rate by 25 basis points (bps) to a target range of 4.50%-4.75% at its November meeting on Thursday. Lower Oil prices would support the economic activities in the United States (US), the largest Oil consumer, and may positively impact the Oil demand.

Federal Reserve Chair Jerome Powell indicated that the central bank is proceeding with interest rate cuts, given the ongoing tightness of monetary policy. Powell emphasized that the Fed will continue to assess economic data to decide on the "pace and destination" of future rate changes, highlighting that inflation has been gradually slowing toward the Fed's 2% target.

According to a Reuters report, Andrew Lipow, President of Lipow Oil Associates, noted that Oil prices have been buoyed by expectations that the incoming Trump administration may tighten sanctions on Iran and Venezuela, potentially reducing Oil supply. "The market is now looking into what Donald Trump's policies might be, and it's reacting to that prospect," Lipow stated.

In addition, supply disruptions continue in the US Gulf of Mexico due to Hurricane Rafael, which has led operators to scale back Oil and gas production. The US Bureau of Safety and Environmental Enforcement reported on Thursday that over 22% of crude Oil production and 9% of natural gas output in the region were shut down in response to the hurricane.

On the other hand, Oil prices may face downward pressure from data indicating that China’s crude Oil imports dropped 9% in October, marking the sixth consecutive month of year-on-year decline. However, investors are hopeful about potential stimulus measures from China as the National People’s Congress Standing Committee concluded its five-day meeting. Since China is the world’s largest Oil importer, any favorable policies could help boost demand for crude.

• WTI price may find immediate support at a nine-day EMA at $70.72, aligned with and 14-day EMA at $72.62.
• If the 14-day RSI falls below the 50 level, it could signal the start of a bearish trend.
• WTI price may find resistance to re-entering the ascending channel.

West Texas Intermediate (WTI) Oil price extends its losses for the second successive session, trading around $71.40 per barrel during the early European hours on Thursday. The technical analysis of a daily chart indicates a weakening bullish bias as the pair has broken below the ascending channel pattern.

However, the 14-day Relative Strength Index (RSI) consolidates just above the 50 level, indicating a bullish bias is still in play. A break below the 50 mark would cause an emergence of a bearish trend.

Additionally, the WTI price is positioned above the nine- and 14-day Exponential Moving Average (EMA), suggesting a bullish momentum in the short-term trend.

In terms of support, WTI price could test the nine-day EMA at $70.72, followed by the 14-day EMA at $70.62. A break below these EMAs would increase downward pressure on the Oil price to navigate the region around a two-month low at $66.18 level, which was observed on October 1.

Additional support emerges near the $64.75 level, the lowest point since May 2023, last recorded on September 10.

On the upside, WTI price may attempt to re-enter the ascending channel pattern around the three-week high of $72.37 level, which was marked on November 5. A return into the channel would reinforce the bullish bias and support the pair to navigate the region around the upper boundary of the channel near the $75.10 level.

WTI Price: Daily Chart

• WTI edges lower to $71.45 in Thursday’s Asian session. 
• The stronger US Dollar weighs on the WTI price. 
• US crude inventories rose more than expected, according to the EIA.  

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $71.45 on Thursday. The WTI price edges lower amid the rise in the US Dollar (USD) after Republican candidate Donald Trump won the US presidential election.

Trump's victory has boosted the Greenback and dragged the USD-denominated WTI price lower. Meanwhile, the US Dollar Index (DXY), an index of the value of the USD relative to a basket of foreign currencies, climbed to the highest level since July near 105.44 before retreating to 105.20. 

Nonetheless, Trump's reelection could also mean the renewal of sanctions on Iran and Venezuela, which means the global market could become tighter and would be bullish for the WTI price. “Conceptually, the impact of a potential second Trump term on oil prices is ambiguous, with some short-term downside risk to Iran oil supply ... and thus upside price risk,” noted Goldman Sachs commodities analysts. 

The Energy Information Administration's (EIA) weekly report showed US crude stocks rose more than expected last week. Crude oil stockpiles in the United States for the week ending November 1 increased by 2.149 million barrels, compared to a decline of 0.515 million barrels in the previous week. The market consensus estimated that stocks would increase by 1.8 million barrels.

• WTI plunges to near $71.35 in Wednesday’s Asian session. 
• The stronger Greenback exerts some selling pressure on the USD-denominated Oil price. 
• Investors await the outcome of the US presidential election as polls were closing in the US. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $71.35 on Wednesday. The WTI price edges lower as the US presidential election polls were closing in the United States.

According to CNN, Former US President Donald Trump will win the key race of Florida, while Kamala Harris picks up Massachusetts and Maryland. Harris and Trump each need at least 270 electoral votes to win the presidency.

Meanwhile, the US Dollar (USD) rises to 104.25 versus a basket of other currencies as Trump trades continue to rally as Trump odds improve. A stronger Greenback makes oil more expensive in other countries.

On Sunday, a larger group called OPEC+, consisting of OPEC members plus other oil-producing countries, agreed to extend their oil production cut to 2.2 million barrels per day (bpd) until the end of December 2024. The countries also reiterated their commitment to “achieve full conformity” with their production targets and to compensate for any overproduction by September 2025.

The American Petroleum Institute (API) weekly report showed crude stocks rose last week. Crude oil stockpiles in the United States for the week ending November 1, increased by 3.132 million barrels, compared to a decline of 0.573 million barrels in the previous week. The market consensus estimated that stocks would increase by 1.8 million barrels.

• Oil prices receive downward pressure as traders adopt caution ahead of US election results on Tuesday.
• WTI prices rose more than 3% after OPEC+ postponed its planned production increase for December on Monday.
• Oil demand may increase as China is expected to approve an additional stimulus package of more than 10 trillion yuan.

West Texas Intermediate (WTI) Oil price edges lower due to uncertainties surrounding the results of the US presidential election on Tuesday. The WTI price trades around $71.20 during the Asian hours after rising more than 3% on Monday, which could be attributed to OPEC+ coalition, delaying plans to hike production in December.

On Sunday, the OPEC+ alliance—which includes the Organization of the Petroleum Exporting Countries and its allies like Russia—agreed to extend its production cut of 2.2 million barrels per day (bpd) through December 2024, citing weak demand and rising supply outside the group.

Regarding the US presidential election, former President Donald Trump and Vice President Kamala Harris both predicted victory as they campaigned across Pennsylvania on Monday in the final, frantic day of an exceptionally close US presidential election.

The opinion polls show that Trump and Harris are virtually even. The final winner may not be known for days after Tuesday’s vote. Trump has already indicated he may challenge any unfavorable result, as he did in 2020.

The Standing Committee of the National People's Congress (NPC) is meeting in China from November 4 to 8 and is expected to approve additional stimulus measures to support the slowing economy. Media reports suggest that the potential stimulus package could exceed 10 trillion yuan. Any new measures could positively impact Oil prices, as China is the world’s largest Oil importer.

Oil prices may have struggled due to the fading likelihood of a significant rate cut by the Federal Reserve (Fed) in November. Lower borrowing costs could stimulate economic activity in the United States (US), the world’s largest Oil consumer, potentially boosting oil demand and prices. However, markets expect a modest 25 basis point rate cut this week. The CME FedWatch Tool shows a 99.5% probability of a quarter-point rate cut by the Fed in November.

• WTI price rises as the OPEC+ group has delayed the planned output increase.
• OPEC+ has extended its production cut of 2.2 million barrels per day through the end of December 2024.
• Traders observe the upcoming US presidential election and the Fed’s policy decision this week.

West Texas Intermediate (WTI) Oil price appreciated more than 1% on Monday, trading around $70.20 per barrel during Asian hours. The recent increase in crude Oil prices can be attributed to the delay in a planned output increase by the OPEC+ coalition, which includes the Organization of the Petroleum Exporting Countries and its allies, such as Russia.

On Sunday, the OPEC+ alliance agreed to extend its production cut of 2.2 million barrels per day (bpd) through the end of December 2024. citing weak demand and rising supply outside the group. Additionally, the member countries reaffirmed their commitment to "achieve full conformity" with production targets and to compensate for any overproduction by September 2025.

Traders are closely watching the upcoming US presidential election on Tuesday, as polls indicate a tight race between Democratic candidate Kamala Harris and Republican nominee Donald Trump across seven battleground states, according to the final New York Times/Siena College poll cited by Reuters.

The survey shows Vice President Harris with slight leads in Nevada, North Carolina, and Wisconsin, while former President Trump has a narrow advantage in Arizona. The candidates are in a dead heat in Michigan, Georgia, and Pennsylvania. Conducted from October 24 to November 2, the poll suggests that all matchups fall within a 3.5% margin of error.

In addition to the election, traders are also focused on the upcoming US Federal Reserve (Fed) policy decision, with expectations of a modest 25 basis point rate cut this week. The CME FedWatch Tool currently shows a 99.6% probability of a quarter-point rate reduction by the Fed in November.

In China, the Standing Committee of the National People's Congress is meeting from November 4 to 8, during which it is expected to approve additional stimulus measures aimed at bolstering the slowing economy. Any additional measures taken could have a positive impact on Oil prices, given that China is the world's largest Oil importer.

• News that Iran is preparing an attack on Israel has given a fresh boost to Oil prices.
• OPEC+ members are considering delaying the output hike for at least one month.
• A somewhat stronger US Dollar ahead of the NFP is weighing on Crude.

Oil prices are appreciating for the third consecutive day on renewed concerns about escalating tensions in the Middle East. The US benchmark WTI has reached weekly highs at $71.40 after returning to the $70.50 area.

News reporting that Iran is considering an attack on Israel from Iraqi territory have reactivated fears of a regional war in the area that might curb global crude supply, boosting Oil higher.

Apart from that, Reuters informed on Thursday that the OPEC+ countries might delay the output increase originally planned for December by at least a month.

The plan to increase crude output by 180,000 barrels per day had already been delayed from its original date, in October, due to the low prices.

On Friday, the US Dollar is showing a somewhat firmer pace, with investors cautious ahead of the release of October’s employment report. This is also weighing on Oil’s rally.

• WTI price gained ground due to rising geopolitical tensions amid reports that Iran may attack Israel.
• Israeli intelligence believes Iran intends to launch numerous drones and ballistic missiles before the US presidential election.
• US Oil production increased by 1.5% in August, reaching a monthly record high of 13.4 million barrels per day.

West Texas Intermediate (WTI) Oil price holds steady on Friday during Asian trading hours, around $70.20 per barrel, following gains in the previous session. Crude Oil prices were bolstered by rising geopolitical tensions amid reports that Iran may be planning a retaliatory strike on Israel from Iraqi territory in the near future.

According to a Reuters report citing Axios, two unnamed Israeli sources revealed that Israeli intelligence believes Iran intends to launch an attack from Iraq, potentially involving numerous drones and ballistic missiles, possibly before the US presidential election on November 5.

Furthermore, the OPEC+ coalition, which comprises the Organization of the Petroleum Exporting Countries and its allies, including Russia, may delay its planned output increase for December by at least a month amid concerns over weak oil demand and rising supply.

Originally, the group had aimed to boost production by 180,000 barrels per day (bpd) in December, but this increase was previously postponed from October due to falling prices, according to four sources familiar with the situation, as reported by Reuters on Wednesday.

US Oil production increased by 1.5% in August, reaching a monthly record high of 13.4 million barrels per day (bpd), according to the US Energy Information Administration's (EIA) latest Oil and natural gas production report. This figure surpasses the previous record of 13.31 million bpd set in December 2023. In major Oil-producing states, Texas saw a 1.7% rise in output to a record 5.82 million bpd, while New Mexico's production climbed 2.8%, reaching a record 2.09 million bpd.

• WTI prices could rise amid optimism regarding US Oil demand following an unexpected decrease in crude inventories.
• EIA Crude Oil Stocks Change fell by 0.515 million barrels in the previous week, against the expected 2.3 million-barrel increase.
• Crude Oil prices may appreciate due to increased expectations of OPEC+ delaying a planned production increase.

West Texas Intermediate (WTI) Oil price dips slightly to around $68.70 during Thursday's Asian trading hours. However, crude prices found support amid optimism surrounding US fuel demand after an unexpected decline in crude inventories.

The US Energy Information Administration (EIA) reported that crude Oil stockpiles fell by 0.515 million barrels in the week ending October 25, contrary to market expectations of a 2.3 million-barrel increase.

Additionally, crude Oil prices may gain further support amid expectations that OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies like Russia, might delay a planned production increase.

Reuters reported that OPEC+ could postpone its December output hike by at least a month due to concerns about weak Oil demand and rising supply. The group had scheduled an increase of 180,000 barrels per day (bpd) for December but previously postponed this from October due to declining prices.

Meanwhile, markets are closely monitoring ongoing geopolitical tensions in the Middle East, particularly following a warning from Israel's military chief of a 'very hard' strike on Iran if further missile attacks occur.

Lebanese Prime Minister Najib Mikati told Lebanese broadcaster Al-Jadeed on Wednesday that US envoy Amos Hochstein suggested a potential ceasefire in the Israel-Hezbollah conflict could be reached before the US elections on November 5. Hochstein traveled to Israel to discuss ceasefire terms with Hezbollah, as confirmed by US State Department spokesperson Matthew Miller.

• WTI price receives some support from a drop in US crude oil inventories.
• API Weekly Crude Oil Stock fell by 0.573 million barrels in the previous week, against an expected 2.3 million-barrel increase.
• An Axios reporter stated that Israeli Prime Minister Benjamin Netanyahu would discuss a diplomatic resolution to the war in Lebanon.

West Texas Intermediate (WTI) Oil price steadies around $67.40 during Wednesday’s Asian session, following two days of declines. Crude Oil prices found support from a surprise drop in US crude oil inventories.

Data from the American Petroleum Institute (API) on Tuesday showed that US weekly crude Oil stockpiles fell by 0.573 million barrels in the week ending October 25, contrary to expectations of a 2.3 million-barrel increase. The previous week's stock level was 1.643 million barrels. Investors now await the EIA crude oil stockpiles report, due Wednesday.

On Tuesday, Oil prices faced downward pressure after an Axios reporter stated on X that Israeli Prime Minister Benjamin Netanyahu would soon meet with several ministers and military and intelligence leaders to discuss a diplomatic resolution to the war in Lebanon, per Reuters.

However, the US plan to purchase Oil for its Strategic Petroleum Reserve (SPR) provided some support for WTI prices. On Monday, the US announced intentions to acquire up to 3 million barrels for delivery by May next year. This purchase could deplete the remaining funds available for SPR replenishment until further funding is approved by Congress.

Crude Oil prices may encounter challenges as the OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries and partners like Russia, plans to begin easing its production cuts in December, aiming for an increase of 180,000 barrels per day (bpd).

• WTI price edges lower to near $67.55 in Thursday’s Asian session. 
• Easing fear of crude supply and China’s demand woes could weigh on the WTI price. 
• Investors will monitor the US advanced Q3 GDP on Wednesday ahead of the employment data. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $67.55 on Tuesday. The WTI price plunges as the limited military operation eased concerns about a potential all-out war in the Middle East.

On Saturday, Israel targeted Iran's military installations in three provinces in reaction to Tehran launching ballistic missiles at Israel on October 1. However, Israel did not strike Iran's oil or nuclear facilities in retaliation for Iran's ballistic missile attack, and Iran's official media claimed that oil output was normal. This, in turn, undermines the WTI price as a fear of significant disruption in the crude supply fades.

Furthermore, weak demand outlooks and China's economic slowdown contribute to the WTI’s downside. Data released by China's National Bureau of Statistics on the weekend showed the country's industrial profits fell by 27.1% YoY in September, the steepest decline since the pandemic.

A report from the International Energy Agency (IEA) indicated that oil demand is estimated to grow at only half the pace in 2024 and 2025 compared to 2022 and 2023, primarily due to a decline in Chinese demand.

The flash Gross Domestic Product (GDP) data from the United States (US) for the third quarter will be published on Wednesday, which is estimated to expand 3% in Q3. The US Nonfarm Payrolls will be released on Friday. If the data show a stronger-than-expected outcome, this could lift the US Dollar and weigh on the USD-denominated WTI price.