US President Donald Trump says US might keep or might sell oil seized near Venezuela
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US President Donald Trump said on Monday the United States (US) would maybe keep and maybe sell the oil it had seized off the coast of Venezuela in recent weeks, Reuters reported on Monday. Trump added that the US would also keep the seized ships. “Maybe we will sell it, maybe we will keep it,” Trump said, adding it might also be used to replenish the United States’ strategic reserves. Market reaction At the time of writing, the West Texas Intermediate (WTI) is trading 2.51% higher on the day to trade at $57.95. 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 and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, 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. The weekly Oil inventory reports published by the American Petroleum Institute (API) and the…
