Crude Oil Stays Pressured Under $78 Per Barrel Mark

24 Nov 2022 , 03:27 PM

Oil eases further on Thursday, as dollar is seen recovering close to 106 mark after having plunged post Fed minutes that showed most policymakers at the central bank agreed it would soon be appropriate to slow the pace of interest rate hikes. Meanwhile, talks of capping the price of Russian oil by the European Union (EU) further added pressure on the commodity. According to news reports, EU officials have discussed setting the ceiling for Russian seaborne exports at $65 to $70 a barrel. Investors also weighed a larger-than-expected build in US gasoline stocks, which jumped by 3.058 million barrels last week despite forecasts for a 383,000 barrel gain, though US crude inventories dropped significantly. WTI crude oil futures were currently quoting lower by 0.22% at $77.77 per barrel. Powered by Commodity Insights