WTI Crude Oil Analysis – March-11-2024

WTI Crude Oil Analysis – This week, the price of WTI crude oil remained stable at around $78 per barrel. The market is moving cautiously. Investors are waiting for important information from the US about inflation and updates from OPEC and the IEA.

These updates might change how people think about oil prices. Last week, the cost of Brent oil fell by nearly 2%. This happened because people are unsure about how much oil will be needed in the future. However, some countries decided to keep producing less oil than usual.

WTI Crude Oil Analysis 4-Hour Chart

Oil Demand and Supply Dynamics

China bought less oil than before in the first two months of this year. Their oil imports dropped by 5.7%. Now, they buy 10.8 million barrels every day, less than the 11.44 million barrels they bought in December.

But there’s more news from the oil world. Countries like Saudi Arabia, Russia, Iraq, and the UAE said they would not make more oil until the end of June. This decision is meant to prevent oil prices from falling too much.

Global Events Affecting Oil Markets

In other parts of the world, people are watching what’s happening between Israel and Hamas. There have been talks to stop fighting but haven’t led to anything significant yet. Meanwhile, the oil market is feeling the effects. Investors are paying close attention. They want to know how these talks might change the oil supply and prices.

Everyone in the market is trying to guess what will happen next. They’re looking at all these events to make intelligent decisions about buying or selling oil.