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West Texas Intermediate (WTI) Oil price extends its gains for the second consecutive session, trading around $60.00 per barrel during the Asian hours on Monday. Oil prices rise on optimism that the US government shutdown could end soon, boosting demand in the world’s top Oil consumer. Bloomberg reported on Monday that the record-breaking US government shutdown is nearing an end. A group of centrist Senate Democrats agreed to support a deal to reopen the government and fund some departments and agencies for the next year. The agreement would ensure federal employees receive back pay and allow states to resume delayed federal transfers. It would fund some departments through January 30, while others would receive full-year allocations. Crude prices faced challenges as Oil output continues to expand among both OPEC+, the Organization of the Petroleum Exporting Countries, and its allies, including Russia, and non-member producers, fueling fears of a global glut. OPEC+ decided to increase output slightly in December, but it also paused further hikes in the first quarter, wary of a supply glut. Meanwhile, Traders kept a close eye on the impact of US sanctions targeting Russia’s major Oil firms, Rosneft and Lukoil, as Washington intensifies pressure on Moscow over the Ukraine conflict. Nations heavily dependent on Russian crude, such as China and India, are now diversifying their Oil imports amid growing sanctions risks. 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…

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Filed under: News - @ November 10, 2025 3:23 am