Tag: organization

The post WTI climbs above $61. 00 as OPEC+ signals output increase pause appeared com. West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $61. 10 during the early Asian trading hours on Monday. The WTI rises after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) signaled a pause in output increase. Traders brace for the American Petroleum Institute (API) crude oil stocks change report later on Tuesday. OPEC+ on Sunday said it planned to pause output increases in the first quarter (Q1) of 2026, following another modest hike for next month. The group would raise production by about 137, 000 barrels a day (bpd) in December, matching hikes scheduled for October and November. The move came as the market faces the prospect of a ballooning oversupply that has been seen over the past three months. Furthermore, geopolitical tensions in the Middle East and Black Sea could boost the WTI price. Reuters reported over the weekend that a Ukrainian drone attack struck one of Russia’s main Black Sea oil ports on Sunday, causing a fire and damaging at least one ship, as Kyiv attempts to undermine Russia’s war effort by targeting its energy infrastructure. The area is home to a major refinery run by Rosneft PJSC, which was sanctioned last month by the US, along with Lukoil PJSC. On the other hand, the hawkish remarks from the Federal Reserve (Fed) policymakers could lift the US Dollar (USD) and weigh on the USD-denominated commodity price as it makes crude more expensive for foreign buyers. The Fed delivered a 25 basis points (bps) rate cut at its October meeting last week, lowering the federal funds rate to a target range of 3. 75% to 4. 00%. Fed Chair Jerome Powell said during the press conference that this might be the last rate cut this year, tempering market expectations for a further reduction in December. WTI Oil FAQs WTI Oil.