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Weekly Crude Oil Review: WTI Crude Well Supported After Breaking Above $80 Mark

Weekly Crude Oil Review: WTI Crude Well Supported After Breaking Above $80 Mark

January 15, 2022 1:10 IST | capital market
The WTI Crude oil futures stayed well supported as markets eyed media reports yet again confirming the relatively less severity of new Covid-19 variant Omicron. The rapidly spreading variant is significantly less severe than other strains of Covid-19, according to a report from the US Centres for Disease Control and Prevention (CDC). WTI Crude edged up as a rally above $80 per barrel stayed in place following this update even as equities saw a pullback. WTI Crude ended above $84 per barrel - approaching around two month high. MCX Crude also soared well above Rs 6000 per barrel mark. The US crude oil stockpiles fell to their lowest levels since October 2018, the Energy Information Administration (EIA) said. The US Crude inventories dropped by 4.6 million barrels in the week to January 7 to 413.3 million barrels. US crude inventories have dropped for seven consecutive weeks.

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