The post WTI drifts lower to $61.00 on oversupply concerns appeared on BitcoinEthereumNews.com.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $61.00 during the Asian trading hours on Monday. The WTI price edges lower amid supply glut concerns.   US crude oil inventories rose last week, which raise fears of oversupply and drag the WTI price lower. According to the US Energy Information Administration (EIA) weekly report, crude oil stockpiles in the US for the week ending January 16 climbed by 3.602 million barrels, compared to a rise of 3.391 million barrels in the previous week. The market consensus estimated that stocks would increase by 1.1 million barrels. On the other hand, escalating tensions in Iran, a major OPEC oil producer, might boost the WTI price. US President Donald Trump ratcheted up pressure against Iran through more sanctions on vessels that transport its oil and announced. US official said that warships, aircraft carrier and guided-missile destroyers will arrive in the Middle East in the coming days, per Reuters.  The American Petroleum Institute (API) crude oil stockpiles report will be published on Tuesday. A larger-than-expected crude oil inventory draw indicates stronger demand and could boost the WTI price, while a bigger build than estimated signals weaker demand or excess supply, which might drag the WTI price lower.  WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the…

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Filed under: News - @ January 26, 2026 2:58 am