Crude Cracks Lower, WTI Futures Tank 3% Amid Weak Start In European Equities

21 Jul 2022 , 02:08 PM

Crude oil cracked lower in afternoon trades, sliding heavily amid a weak start in the European markets and selling pressure ahead of the ECB meet ahead in the day. The WTI Crude oil futures are currently trading at $96.30 per barrel, down more than 3% on the day as a slide from one week high extended. Oil fell as massive selling was seen in the US Gasoline futures today amid US demand outlook. The latest US government data showed lower gasoline demand during the peak summer driving season. US gasoline demand remains below where it was this time two years ago as historically high prices keep more drivers off the road than Covid-19 did in the summer of 2020. Powered by Commodity Insights