About WTI Crude Oil price
WTI is an American grade of oil produced in Texas which contracts are traded on ICE Futures Europe. Historically its prices are close to those of Brent despite a higher quality.
Oil price setting equally depends on the geopolitics, macroeconomics and supply/demand balance. Oil prices are greatly influenced by a concerted position of Organization of Petroleum Exporting Countries (OPEC) which includes such countries as: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador, Angola.