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• WTI price attracts some buyers to near $61.90 in Thursday’s Asian session. 
• US crude inventories rose by 1.792 million barrels in the week ending September 26, the EIA said. 
• Uncertainty is growing in markets as the US federal government faces a shutdown. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $61.90 during the Asian trading hours on Thursday. The WTI edges higher as traders remain cautious due to ongoing geopolitical risks. 

The BBC reported on Wednesday that Ukraine has dramatically increased the number of attacks launched against Russian oil refineries in recent months. Moscow faces pressure from drone attacks on its refineries, which could limit its refining capacity and lift the WTI price. 

The WTI price is pressured by a bigger-than-expected increase in US crude inventories last week. Data released by the US Energy Information Administration (EIA) on Wednesday revealed that crude oil stockpiles in the US for the week ending September 26 rose by 1.792 million barrels, compared to a decline of 607,000 barrels in the previous week. Analysts forecast that stocks would increase by 1.5 million barrels.

The US federal government shut down on Wednesday after a deadlocked Congress failed to reach a deal on funding. Government agencies warned this would halt the release of the closely watched September employment report, among other things.

Traders expect the Organization of the Petroleum Exporting Countries and allies (OPEC+) could boost production in November, triple the increase made for October, as Saudi Arabia seeks to reclaim market share, three sources familiar with the talks said.

WTI Oil FAQs
 

What is WTI Oil?
 

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.

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