Oil trades sideways on Wednesday, following three sessions of sharp selloffs, after several news outlets reported that a tanker got hit in the Red Sea by Houthi rebels.
Oil price trades broadly unchanged, trying to snap a three-day losing streak. The UK Marine reported that a vessel has been hit in the Red Sea by Houthi rebels. The US Dollar Index hits rock bottom before bouncing a touch. Delta Tankers has confirmed that one of its vessels, Sounion, has been attacked and is suffering minor damage. This element is very unwelcome at the moment Hamas is considering the ceasefire proposal in Gaza that both Israel and the US have put on the table.
, 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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