WTI holds losses below $60.50 as Venezuela resumes exports, US stocks rise
작성자 Akhtar Faruqui
게시일: 14 Jan 2026 | 수정일: 14 Jan 2026
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West Texas Intermediate (WTI) Oil price halts its four-day winning streak, trading around $60.40 per barrel during the European hours on Wednesday. Crude Oil prices lost ground as Venezuela resumed exports.
- WTI slips as Venezuela begins reversing Oil production cuts imposed during the US embargo.
- Two supertankers departed Venezuela carrying about 1.8 million barrels each, likely the first shipments under a US supply deal.
- API reported US crude Oil inventories rose by 5.27 million barrels in the week ended January 9.
West Texas Intermediate (WTI) Oil price halts its four-day winning streak, trading around $60.40 per barrel during the European hours on Wednesday. Crude Oil prices lost ground as Venezuela resumed exports.
Venezuela has started scaling back oil production cuts introduced during the US embargo. Crude exports are also resuming, signaling a gradual return of supply to global markets. Two supertankers left Venezuelan waters on Monday carrying roughly 1.8 million barrels of crude each, potentially marking the first deliveries under a 50-million-barrel supply agreement with the United States, sources cited by Reuters.
The American Petroleum Institute (API) reported Tuesday that Weekly Crude Oil Stock rose by 5.27 million barrels in the week ended January 9. The US Energy Information Administration (EIA) will release Crude Oil Stocks Change later on Wednesday. A Reuters poll on Tuesday showed US crude oil stockpiles likely fell last week, while gasoline and distillate inventories were expected to rise.
However, Oil prices held near a three-month high, supported by growing supply risks linked to escalating protests in Iran. The US-based HRANA rights group reported the protest death toll at 2,571. US President Donald Trump has canceled talks with Iranian officials and urged demonstrators to continue, raising fears that potential US involvement could threaten Iran’s roughly 3.3 million bpd Oil output.
Indian Oil Corporation has purchased its first cargo of Ecuador’s Oriente crude for end-March delivery as India’s largest refiner broadens its sourcing to partially replace Russian Oil. US and EU sanctions on Russian producers and vessels have disrupted supplies, pushing Indian refiners to seek alternative sources, per Reuters.
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 Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
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