In its monthlyoilmarket report published on Friday, the International Energy Agency lowered the 2024 global oil demand growth forecast by 130,000 bpd to 1.2 million barrels per day . Additional takeaways Global observed oil inventories rose by 43.3 mln barrels in February to a seven-month high. 2024 global oil output set to rise by 770,000 bpd to 102.9 mln bpd, led by 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.