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Crude Oil Prices Fall Back To Earth
United States Of America – WTI crude futures rallied above $99 per barrel on Wednesday after sliding below $95 earlier in the day, but volatility is expected to persist as traders monitor progress in the Russia-Ukraine peace talks, if any, and analyze the outlook for oil demand. In a video message on Wednesday, Ukrainian President Volodymyr Zelensky said that both parties’ stances in the peace talks were sounding more reasonable, but that more time was needed.
Concerns about a weakening China demand weighed on oil prices recently, after a new wave of Covid infections prompted further lockdowns in the world’s second-largest oil user. Meanwhile, ahead of official government data, preliminary API data revealed that US crude inventories grew by 3.8 million barrels last week, while gasoline inventories declined by the same amount. WTI oil futures are currently trading around 25% below a recent 14-year high of $130.5 set last week.
The benchmark for US crude, West Texas Intermediate (WTI), is the most actively traded commodity on the planet. Trading Economics’ Crude Oil prices are calculated using over-the-counter (OTC) and contract for difference (CFD) financial instruments. The market prices are designed to serve as a guideline only, not as a foundation for making trading choices.
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