WTI Oil Price (XTIUSD): Live Price Chart

XTIUSD is a commodity pair representing the price of West Texas Intermediate (WTI) crude oil expressed in the US Dollar. West Texas Intermediate is a sweet crude oil refined to produce products like diesel and gasoline, and the USD is the number one most traded currency in the world.

Besides Dubai Crude and Brent, WTI is a popular oil price benchmark, and analysts use the XTIUSD oil live chart to determine the health of the United States economy. Even though two-thirds of global oil contracts use Brent crude oil as a benchmark, WTI is considered more attractive than Brent because of its low sulfur content (between 0.24% and 0.34%).

In general, oil with low sulfur content is easier to refine. WTI comes primarily from inland Texas and is refined in the Gulf of Mexico and the Midwest.

WTI oil and other commodities

There is a well-known saying on Wall Street that "commodities always move in tandem." By this, it is meant that the prices of different commodities (e.g. gold, oil brent, natgas, silver, platinum) are often highly correlated with each other. In other words, when the price of one commodity goes up, the prices of other commodities often tend to follow suit. There are a number of reasons for this strong relationship between commodities.

One is that commodities are often used as inputs in the production of other goods and services. For example, crude oil is used to produce gasoline, which is then used to power cars and trucks. As the price of crude oil goes up, the price of gasoline also tends to increase. This ultimately leads to higher prices for many other goods and services as companies pass on their higher costs to consumers. Another reason for the close relationship between commodities is that they are often traded in similar markets and subject to similar economic forces.

In 2014, domestic crude oil output in the United States increased, and this shale boom increased the production of WTI. Since then, the price of WTI has dropped and usually trades at a discount to other oil price benchmarks. Similar to other commodities, the production of WTI and the share price of XTIUSD is positively and negatively affected by economic and financial news.

In the past, the shale boom increased WTI output, while fears over economic recession have caused the price of WTI crude oil to drop. These are all factors to be aware of when looking at the share price of XTIUSD.

The XTIUSD price fluctuates depending on a range of external factors. Because of this, we need to consider the different ways we can capitalise on this volatility. Some individuals may find contract for difference (CFD) trading the best option because they can speculate on rising and falling oil price movements without owning the commodity.

You can trade CFDs through desktop platforms or mobile apps, which are more helpful than desktop trading. That's because CFD trading apps have push notifications that alert traders in real-time about price movements. Because the price of oil fluctuates all the time, you want to have these instant notifications turned on.

Buying and investing in individual oil stocks is the preferred option for those who want to own the commodity. Investing gives you direct ownership, which is not the case with CFD trading. Regardless of whether you're trading or buying XTIUSD, use various technical indicators and drawing tools offered by proprietary trading platforms like Moon Trader to ensure you're getting the most out of the commodity pair.