- WTI price may decline due to expectations of resumed exports from Kurdistan’s oilfields.
- Iraq’s Oil Ministry confirmed plans to export 185,000 barrels per day from Kurdistan’s oilfields through the Iraq-Turkey pipeline.
- Russian and US teams are set to meet this week to discuss ways to strengthen bilateral relations.
West Texas Intermediate (WTI) Oil price edges higher to around $70.30 per barrel during Asian trading hours on Monday. However, crude Oil prices faced downward pressure amid expectations of resumed exports from Kurdistan’s Oilfields.
On Sunday, Reuters reported that an Iraqi Oil ministry official confirmed Iraq’s plan to export 185,000 barrels per day (bpd) from Kurdistan’s Oilfields via the Iraq-Turkey pipeline. The ministry stated that all necessary procedures had been completed to facilitate the resumption of exports through the pipeline.
Meanwhile, traders remain focused on developments related to the ongoing conflict between Russia and Ukraine, which enters its fourth year on Monday. European Union leaders are expected to convene for an extraordinary summit on March 6 to discuss additional support for Ukraine and European security assurances.
Additionally, a senior Russian diplomat indicated that Russian and US teams plan to meet this week to explore ways to improve bilateral relations. This follows US President Donald Trump’s initiative to engage Russia in talks aimed at ending the war, though notably without the involvement of Ukraine or the European Union.
Investors are also closely watching potential developments on US trade policy. Further tariff-related announcements from President Trump could heighten global trade tensions, exerting additional downward pressure on crude Oil prices. On Friday, Trump signed a memorandum directing the Committee on Foreign Investment in the United States (CFIUS) to restrict Chinese investments in strategic sectors.
Finally, market participants will be paying close attention to the release of the Personal Consumption Expenditures (PCE) index on Friday — the Federal Reserve’s (Fed) preferred measure of inflation — which could provide further insights into the central bank’s future interest rate policy.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. 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 considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
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 weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. 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. API’s report is published every Tuesday and EIA’s the day after. 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.
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. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. 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. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD drops below 1.0800 on Trump's 'Liberation Day'
EUR/USD is back in the red below 1.0800 in the early European morning on Wednesday as investors rush for the safe-haven US Dollar, aniticpating US President Donald Trump’s long-threatened “reciprocal” tariffs package, due to be announced at 20:00 GMT.
GBP/USD trades with caution above 1.2900, awaits Trump’s tariffs reveal
GBP/USD is trading with caution above 1.2900 early Wednesday, struggles to capitalize on the overnight bounce amid resugent haven demand for the US Dollar. Traders remain wary heading into the US 'reciprocal tariffs' announcement on "Liberation Day' at 20:00 GMT.
Gold price remains close to record high amid concerns over Trump’s reciprocal tariffs
Gold price regains positive traction amid concerns about Trump’s aggressive trade policies. Fed rate cut bets keep the USD bulls on the defensive and further benefiting the XAU/USD pair. A broadly stable risk sentiment might cap gains ahead of Trump’s tariffs announcement.
ADP Employment Change projected to show US job growth gaining in March
The US labor market is poised to steal the spotlight this week as concerns over a potential slowdown in economic momentum remain on the rise — an unease fueled by recent signs of slower growth and troubling underlying data, aggravated by the ongoing uncertainty surrounding US tariffs.
Is the US economy headed for a recession?
Leading economists say a recession is more likely than originally expected. With new tariffs set to be launched on April 2, investors and economists are growing more concerned about an economic slowdown or recession.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.