WTI Crude Oil price today

WTI Crude Oil Price (USOIL) This is the price in dollars of one barrel of the US benchmark crude, and together with Brent it is considered the most important energy price benchmark in the world. Oil is one of the few commodities that affects global inflation, the currencies of exporting countries and stock markets alike. On this page you can see the live WTI oil price and its candlestick chart, and below you will learn about the difference between WTI and Brent, the role of OPEC+, oil inventory reports, trading hours and the risks of trading this symbol.

What Is WTI Oil?

WTI stands for West Texas Intermediate; a light, sweet crude (meaning low-density and low-sulfur) extracted from US oil fields and well suited for producing gasoline and light fuels. The delivery point for WTI futures contracts is Cushing, Oklahoma ; a hub full of storage tanks and pipelines, so the WTI price is in fact the price of oil delivered at that very point.

The main WTI futures contract trades on NYMEX in New York, and each contract is 1,000 barrels. The symbol you see at brokers as USOIL, WTI or CL is usually a CFD whose price is derived from these futures contracts.

Difference Between WTI and Brent Oil

The world's two benchmark crudes are WTI and Brent. Iran and most Middle Eastern exporters price their oil using formulas based on Brent or regional benchmarks such as Dubai and Oman; so for Iranian readers, knowing the difference between the two matters.

The prices of the two are usually close and move in the same direction, and in most recent years Brent has been slightly more expensive than WTI. The gap between them (the Brent-WTI spread) depends on shipping costs, US inventory levels and export regulations.

What Moves the WTI Oil Price?

1. OPEC and OPEC+

The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad in 1960, and Iran is one of its five founding members. Since 2016, OPEC has coordinated with a group of non-member producers led by Russia, and this alliance has been named “OPEC+”. This group's decisions on production quotas are among the most influential events in the oil market, and its meetings are usually accompanied by high volatility.

2. US Oil Inventory Reports

Two important reports are released every week: the American Petroleum Institute (API) report, usually on Tuesdays after the US stock market closes, and the official report of the US Energy Information Administration (EIA) , usually on Wednesdays at around 18:00 (during US summer time) or 19:00 (in winter) Tehran time. An unexpected drop in inventories is usually seen as a sign of stronger demand, and a rise as a sign of excess supply. The active drilling rig count, released on Fridays, is also an indicator of the US production trend. See the exact times of all these reports in the Teagle economic calendar .

3. Geopolitics and Transit Routes

Wars, sanctions and threats to oil shipping routes such as the Strait of Hormuz, through which a large share of the world's seaborne oil passes, can move prices within hours. Oil sanctions against countries such as Iran, Venezuela and Russia have also changed global supply and oil trade routes.

4. Economic Growth and the Dollar

Oil is the fuel of the global economy; economic growth data from the US and China, as the largest consumers, affect demand expectations. Oil is priced in dollars, and a stronger dollar and higher interest rates, which slow economic growth, usually put downward pressure on it. That is why, in periods when recession fears rise, oil and US stock indices such as the Dow Jones sometimes fall at the same time. Follow central bank policy on the global interest rates page.

Oil also affects the currencies of exporting countries; for example, the Canadian dollar is known as a “commodity currency” because of Canada's position in oil exports, and the US dollar to Canadian dollar pair is sensitive to oil moves in many periods.

5. Seasons

The US summer driving season raises gasoline demand, and the hurricane season in the Gulf of Mexico can disrupt production and refining.

Futures Contracts, Rollover and a Historical Lesson

Because oil CFDs are fed by futures contracts, each contract has an expiry date. Near expiry, brokers move positions to the next month's contract (rollover), and because of the price difference between the two contracts, an adjustment may be posted to your account or the price may jump on the chart. Some brokers offer a non-expiring version and some offer a version with a set expiry; know your broker's rules.

The importance of this became clear in April 2020 : at the height of the COVID lockdowns and with Cushing storage filling up, the price of the front-month WTI futures contract went below zero for the first time in history; meaning contract holders were willing to pay to avoid taking delivery of the oil. This event showed that oil volatility can go beyond any ordinary forecast.

Oil Trading Hours

WTI oil trades almost around the clock from Monday to Friday, with a short daily break that at most brokers falls around midnight Tehran time. The highest-volume hours are when the New York market is active; that is, evening and night Tehran time, especially when the EIA report is released. Check the exact hours with the global market hours tool in Iran time.

Oil and Iran's Economy

For Iran, oil is not just a trading symbol. Foreign currency revenue from oil exports is one of the main sources of foreign currency supply in the country; that is why the global oil price, export volumes and the sanctions situation are among the factors market participants consider when analyzing the free-market dollar rate. However, the effect of oil prices on the domestic currency market is not direct or immediate, and depends on the volume of sales, how the currency is repatriated and currency policies.

Leverage Risk and Choosing a Broker

• Know the contract size: The size of one oil lot differs between brokers (for example 100 or 1,000 barrels); calculate the value of each one-dollar move before entering, and set your position size with the trading calculator based on your stop loss.
• News volatility: During the EIA report and OPEC+ decisions, spreads widen and slippage is common.
• Reputable broker: Compare rollover costs, swaps and execution quality, and take into account sanctions-related restrictions for Iranian users. See broker reviews before signing up.
• Prop account: Some prop firms restrict oil trading during major reports or holding positions through rollover; read the rules before you start in prop firm reviews .

To see other energy symbols, the list of Open the energy market page. The information on this page is for informational purposes only and is not a recommendation to buy or sell. The WTI oil price is sourced from global market feeds and may differ slightly from your broker's price; trading with leverage carries high risk.