Oil prices ease a touch on Tuesday but remain close to a six-week high after their firm uptick on Monday. Prices moved higher driven by increasing geopolitical tensions from Russia to Yemen, while supply issues in the US are also mounting.
Oil prices edge down slightly on Tuesday after Monday’s rally. Traders see pressure building with Pemex limiting refining activities again and geopolitical tensions spiraling. The US Dollar Index trades above 105.00, with European equities triggering a risk-off market mood. With parts of Texas reopening again after a tropical depression hit the Oil -producing region, one of the biggest refiners in the US, Pemex, said it is limiting its volumes again.
, 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.
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