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West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $61.80 during the early European trading hours on Monday. The WTI price falls by 5.65% on easing US-Iran tensions. Traders will closely monitor the developments surrounding US-Iran negotiations.  US President Donald Trump said on Sunday that the United States (US) will “hopefully” make a deal with Iran after Supreme Leader Ayatollah Ali Khamenei warned of a regional conflict if Washington attacked. Easing tensions between the US and Iran, OPEC’s fourth-largest crude oil producer, could undermine the WTI price in the near term.  The Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to keep its oil output unchanged for March at a meeting on Sunday. The group announced that the next meeting will take place on March 1. In November, they froze further planned hikes for January through March 2026 due to seasonally weaker consumption. Traders brace for the release of the American Petroleum Institute (API) crude oil stockpiles report 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 media. Like all assets, supply…

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Filed under: News - @ February 2, 2026 6:13 am