cle. Sideways to lower price action is expected as several Oil-producing countries vowed for diplomacy amid current tensions in Gaza. Oil prices have quickly digested the volatile ride from Monday after violence erupted in Israel and the Gaza strip over the weekend. Markets were on edge about possible spillover effects from the conflict to the broader Middle East region, but roughly 48 hours later it appears that Oil production is not at risk.
, 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. How does inventory data impact the price of WTI Oil The weekly Oil inventory reports published by the American Petroleum Institute and the Energy Information Agency impact the price of WTI Oil.
is a group of 13 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When increases production, it has the opposite effect.