WTI slips to near $63.50 as OPEC+ mulls output hike, US-Iran talks loom
Oleh Akhtar Faruqui
Tarikh Diterbitkan: 17 Feb 2026 | Tarikh Diubah: 17 Feb 2026
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West Texas Intermediate (WTI) Oil price edges lower after registering over 1.5% gains in the previous session, trading around $63.50 during the Asian hours on Tuesday. Crude Oil prices may remain under pressure due to oversupply concerns.
- WTI inches lower amid oversupply concerns as OPEC+ considers resuming output hikes from April.
- Oil prices may regain ground as US–Iran tensions heighten ahead of renewed nuclear talks in Geneva.
- Iran held drills in the Strait of Hormuz, which handles about 20% of global Oil flows.
West Texas Intermediate (WTI) Oil price edges lower after registering over 1.5% gains in the previous session, trading around $63.50 during the Asian hours on Tuesday. Crude Oil prices may remain under pressure due to oversupply concerns.
OPEC+ (Organization of the Petroleum Exporting Countries and allies) is leaning toward resuming output increases from April after a three-month pause, in preparation for peak summer demand, per Reuters. Trading activity in Asia may stay subdued, with markets in China, Hong Kong, Singapore, Taiwan, and South Korea closed for Lunar New Year holidays.
However, Oil prices may regain ground amid mounting supply risks as tensions escalate between the United States (US) and Iran ahead of renewed nuclear talks in Geneva. Tehran conducted maritime drills in the Strait of Hormuz, which accounts for roughly 20% of global Oil shipments, after Washington deployed a second aircraft carrier to the region.
Iran’s atomic chief signaled Tehran could dilute its most highly enriched uranium in exchange for a full lifting of financial sanctions. Meanwhile, US President Donald Trump said he would be involved “indirectly” in the Geneva talks, expressing confidence that Tehran is willing to reach an agreement.
At the same time, US-led discussions between Russia and Ukraine are set to begin Tuesday, though markets remain skeptical about any near-term diplomatic breakthrough.
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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