Crude Oil WTI Futures Price CL Chart & Quotes

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.

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.

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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.

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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 computational power adjusts the level of difficulty in mining. 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.

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.

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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.

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.

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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.

• WTI crude had a series of rallies and tumbles to reach a year-high price of $84.06 per barrel in late October 2021.
• Use WTI Crude Oil futures to hedge against adverse oil price moves or speculate on whether WTI oil prices will rise or fall.
• This technical signal underscores the market’s bullish long-term outlook.
• Brent crude oil trades six days a week, so based on which day you’re looking at crude oil spot prices, you may be getting the last recorded live price.

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.

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.

Crude Oil WTI News & Analysis

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.

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.

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.

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.