In its monthlyoilmarket report published on Wednesday, the International Energy Agency slashed the 2024 global oil demand growthforecastby 100,000 bpd to 960,000 barrels per day . Additional takeaways Sees 2025 oil demand growth at 1 mln bpd amid a muted economy and clean energy technology deployment. Non-
, 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.