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WTI crude oil (West Texas Intermediate), traded under the symbol USOIL, is the benchmark for the US oil market. Produced mainly in Texas and the Permian Basin, WTI is slightly lighter and sweeter than its counterpart, Brent, which generally gives it a quality premium in the markets.
WTI oil is one of the assets most sensitive to geopolitical and macroeconomic factors. OPEC+ decisions on production cuts or increases, conflicts in producing regions such as the Middle East, Russia, and Libya, weekly EIA releases covering US inventories, production, and demand, and global economic data affecting energy demand are the main price catalysts.
For prop firm traders, USOIL offers volatility of 1.50 to 3.00 USD per day, with significant spikes during Wednesday’s EIA releases and OPEC meetings. These regular, predictable events allow well-prepared traders to develop systematic event-driven strategies.
The correlation between USOIL and USDCAD is a powerful tool: when WTI rises, the Canadian dollar—a major oil exporter—tends to strengthen, pushing USDCAD lower. This correlation can help traders cross-check their analysis and refine their entries.
On TopTraderPrime, USOIL is available with a competitive spread of 0.03 and leverage up to 1:100.
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