Crude Dips Amid Sustaind Stress In Global Equities

21 Jan 2022 , 05:24 PM

WTI Crude oil prices fell from seven year highs and currently trade at $84 per barrel, down more than 2% on the day as weak equities hurt the mood for the commodity after recent winning spree. Asian stocks stayed under pressure amid broad concerns owing to Covid-19 and rising geopolitical worries due to the soaring tensions over Ukraine. Chinese benchmark Shanghai Composite index fell 0.91%. Japanese Nikkei 225 also tanked by a similar quantum. European stocks tanked amid weakening global risk appetite. Major indices saw deep cuts ahead of the weekend. US stocks moved lower on Thursday, giving up their sharp gains from earlier in the session, as Wall Street continues to struggle in a rising interest rate environment. MCX Crude oil futures also corrected heavily following the global cues and currently trades down 2.14% at Rs 6260 per barrel.

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