By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: WTI reaches new highs above $71.00 due to renewed geopolitical concerns
Share
Notification Show More
Recent Saved
Workers in Bucharest face challenges as temperatures rise
World
Dress code guidelines for the Qatari government sector during office hours
Qatar
Court rules in favor of worker after company dismisses him for salary deductions over 6 years, awarding BD 27,000.
Bahrain
UAE to See Almost 30,000 New Millionaires in 5 Years
UAE
Proposed New Labor Law in Bahrain Targets Increasing Job Opportunities
Bahrain
Latest News
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech
Beat the Heat This Summer with a Chill Out on Dubai Marina
World
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto
Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025
Business Crypto
Moscow Metro Marks 90 Years with Technological Advancements and Heritage Events
Lifestyle World
Senkron Digital Showcases CyberPact Service at GISEC Global 2025
Gulf UAE
Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World
Business Gulf UAE
Barcelona Aims to Recover from European Heartbreak as They Face Real Madrid in La Liga, Chasing Their Third Title of the Season
Sports
UAE with 47% and Qatar with 36% Surge in Viewing Minutes as TOD Unveils its Enhanced Streaming Experience TOD 2.0
Lifestyle
L’Oréal Paris Celebrates the Groundbreaking Launch of MELASYL at the Iconic Museum of the Future
Lifestyle
TOD Partners with Skyworth’s QVWi to Launch 4K Streaming Set-Top Box in MENA
Gulf Sports
Double victory at Red Dot: Eczacıbaşı Tiles Group’s VitrA and Villeroy & Boch brands recognised for their design excellence
Lifestyle
Your Next Destination in Dubai: Mövenpick Hotel Apartments Downtown Dubai – The Perfect Choice for Your Stay
Gulf UAE
Nexus Developer Announces the Launch of ‘Estrella’ to Set New Standards in Boutique Luxury Living in Majan, Dubai
Gulf UAE
Moscow City Tourism Committee Brings ‘Moscow Tea Time’ to Dubai with 15 Cultural Venues
Gulf UAE
Wassim Elassaad Inspires Innovation at Gratuso and Waz & Co-Management Consultancy
Gulf UAE
RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain
Business Crypto
The Central Bank of the UAE Awards Tap Payments a Full Payment Services License
Gulf UAE
Holiday Island Tours and Travels LLC: Pioneering Travel with Global Expansion
Gulf UAE
Enjoy a Remarkable Experience at Mövenpick Hotel Apartment Downtown Dubai
Gulf UAE
Qatari Citizens and Residents come together for Eid Al-Fitr Prayers and Celebrations in Photos
Qatar
Al Duhail maintains OSL lead while Al Sadd remains in close pursuit
Sports
NTT DATA Business Solutions Expands Presence in UAE with Stronger Regional Leadership
Business
Swiss International University SIU Dubai Team Invited to Iftar at Sheikh Mohammed bin Rashid Al Maktoum Centre
Gulf UAE
Skaya Art Presents Two Exceptional Solo Exhibitions in Dubai
Gulf UAE
Moscow Fashion Week Brings Together Fashion Industries from Emerging Regions
Lifestyle
SPARK & Google.org launch Maharat for Tourism e-learning hub in Egypt
Lifestyle
Al-Futtaim Industrial Equipment and BYD Commercial Vehicles Ignite a New Era in Green Mobility
Gulf UAE
Nativus+ by Purunity: Another major step toward eliminating single-use plastic waste in the UAE
Gulf UAE
Takwene Becomes MENA’s First Record Label to Feature a Dolby Atmos Music Studio
Lifestyle
SOYL Introduces a Unique Middle Eastern Dining Experience in Dubai
Gulf Lifestyle UAE
Sustainable Moving Services: How Dubai’s Moving Companies Are Going Green
Business Gulf UAE
KoçSistem Participates in LEAP Expo as a Leading Tech Brand from Türkiye
World
Moroccan Elegance Unveiled: Bab Al Mansour Hosts a Star-Studded Night of Culture and Cuisine
Lifestyle
GO Sport Expands to Palestine
Sports
CNTXT and Oracle Strengthen AI Collaboration to Drive Innovation
Tech
Moscow Strengthens Tourism Ties with Qatar Amid Growing Visitor Numbers
Gulf Qatar
Moscow Expands Tourism Opportunities for Kuwaiti Visitors
Gulf Kuwait
Moscow Strengthens Tourism Ties with the UAE Amid Surging Visitor Numbers
Gulf UAE
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Forex > WTI reaches new highs above $71.00 due to renewed geopolitical concerns
Forex

WTI reaches new highs above $71.00 due to renewed geopolitical concerns

News Room
Last updated: 2024/11/02 at 1:25 AM
News Room
Share
4 Min Read
SHARE

Oil prices have seen a surge in recent days, driven by concerns over escalating tensions in the Middle East. Reports of Iran potentially launching an attack on Israel from Iraqi territory have reignited fears of a regional conflict that could disrupt global crude supply. This has led to a boost in Oil prices, with the US benchmark WTI reaching weekly highs at $71.40. In addition, there are speculations that OPEC+ countries might delay the planned output increase by at least a month, further supporting the bullish sentiment in the Oil market.

WTI Oil, short for West Texas Intermediate, is a type of Crude Oil that is highly sought after on international markets. It is known for its high quality, low gravity, and low sulfur content, making it easily refined. The price of WTI Oil is influenced by various factors, including supply and demand dynamics, global economic growth, political instability, and OPEC decisions. Additionally, the value of the US Dollar plays a crucial role in determining the price of WTI Crude Oil, as Oil is predominantly traded in US Dollars.

The weekly Oil inventory reports published by organizations such as the American Petroleum Institute (API) and the Energy Information Agency (EIA) are closely watched by market participants as they reflect changes in supply and demand. A drop in inventories can signal increased demand, pushing up Oil prices, while higher inventories could indicate oversupply and lead to price declines. OPEC, a group of major Oil-producing nations, also plays a significant role in influencing WTI Oil prices through its production decisions.

OPEC, along with its non-OPEC allies known as OPEC+, collectively decide on production quotas for member countries. When OPEC announces cuts in production quotas, it can tighten supply and push up Oil prices. Conversely, an increase in production quotas can lead to a surplus supply and lower Oil prices. The decisions made by OPEC and OPEC+ members have a direct impact on the price movements of WTI Oil and are closely monitored by traders and investors in the Oil market.

As for the current market conditions, a somewhat stronger US Dollar ahead of the nonfarm payrolls (NFP) report is weighing on Crude Oil prices. Investors are exercising caution as they await the release of October’s employment report, which could provide insights into the state of the US economy and potentially influence the direction of Oil prices. Despite the temporary impact of the Dollar strength, the overall sentiment in the Oil market remains positive, driven by geopolitical tensions and supply concerns in the Middle East.

In conclusion, the recent surge in Oil prices, especially WTI Crude, can be attributed to a combination of factors such as geopolitical tensions in the Middle East, delays in planned output increases by OPEC+, and the influence of the US Dollar. These variables continue to shape the dynamics of the Oil market and are likely to impact price movements in the near future. Traders and investors should stay informed about key developments, such as OPEC decisions and economic data releases, to navigate the volatility in Oil prices and make well-informed investment decisions.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room November 2, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Committee recognizes partners of Milipol Qatar 2024
Next Article Saudi Minister of Hajj completes tour of the Balkans
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports July 6, 2025
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech July 1, 2025
Beat the Heat This Summer with a Chill Out on Dubai Marina
World July 1, 2025
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World June 28, 2025

You Might also Like

Forex

Pound Sterling Price Update and Prediction: GBP strengthens as risk sentiment improves

January 6, 2025
Forex

Elliott Wave Technical Analysis of NVIDIA Corp. (NVDA) [Video]

January 6, 2025
Forex

EUR/USD: Is it a Dead Cat Bounce? – OCBC

January 6, 2025
Forex

AUD/JPY maintains gains around 98.50 following PMI data release

January 6, 2025
Forex

NZD/USD edges up to nearly 0.5650 after China’s Caixin Services PMI

January 6, 2025
Forex

Japanese Yen bulls stay on the sidelines as USD/JPY remains steady above the mid-157.00s

January 6, 2025
Forex

Silver Price Prediction: XAG/USD bears in control below $30.00 near 200-day SMA

January 6, 2025
Forex

Gold price drops from multi-week high due to hawkish Fed expectations

January 6, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?