W&T Offshore (WTI) Company Overview

The recent sanctions on Iranian oil did not provide support to oil markets.

Oil markets gain ground as traders focus on potential supply disruptions.

U.S. West Texas Intermediate (WTI) crude prices were down by 1.1%, or 0.81 cents, to $72.35 at 2309 GMT after leaders of Mexico and Canada said U.S. President Donald Trump has agreed to pause imposing steep tariffs for one month.

Oil markets moved into the negative territory as U.S. tariffs on Mexico were paused for a month.

WTI oil is trying to settle back above the $73.00 level.

WTI crude remains under pressure below $73.50 as sellers dominate. Key support at $72.32; a break could drive prices toward $71.25.

Oil traders focus on Trump's tariff plans and ECB Interest Rate Decision.

HOUSTON, Jan. 29, 2025 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (“W&T Offshore” or the “Company”) today announced the closing, on January 28, 2025, of its previously announced offering of $350 million in aggregate principal amount of 10.750% Senior Second Lien Notes due 2029 (the “Notes”) at par in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and receipt of proceeds from a previously-announced insurance settlement. In conjunction with the issuance of the Notes, the Company entered into a credit agreement with certain lenders and other parties which provides the Company a revolving credit facility of $50 million.

Oil markets lost momentum and pulled back amid demand worries.