WTI drops to near $101.00 amid OPEC+ quotas, Middle East diplomacy
West Texas Intermediate (WTI) oil price depreciates after three days of gains, trading around $101.20 per barrel during Asian hours on Monday.
West Texas Intermediate (WTI) oil prices fell to near $101.00 per barrel on Monday, as the Organization of Petroleum Exporting Countries and its allies (OPEC+) maintained oil production targets steady for December. Saudi Arabia's production quota is set at 10.478 million barrels per day, while Russia and Iraq are allocated 9.949 million and 4.431 million barrels per day, respectively.
This decision comes amid ongoing diplomatic efforts to end the Middle East conflict, with Qatari and Iranian officials discussing a resolution for a third consecutive day. The ongoing tensions have created uncertainty in the market, with analysts at Rabobank warning that the Brent outlook is increasingly influenced by geopolitical risks and supply disruptions.
WTI oil, sourced in the United States and distributed via the Cushing hub, is a benchmark for the oil market and a high-quality crude known for its low gravity and sulfur content. The price of WTI oil is influenced by factors such as global growth, political instability, wars, and sanctions, as well as the value of the US Dollar.
The EIA's weekly inventory reports and the API's data also play a significant role in shaping WTI oil prices, with changes in inventories indicating fluctuations in supply and demand.
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