Crude Oil Takes A Breather After Three-Day Rally

29 Jun 2022 , 11:32 AM

Oil took a breather after three consecutive days of gain near 111 levels on Wednesday amid resurfacing global recession concerns that could hamper demand. Wall Street tumbled sharply on Tuesday as US consumer confidence data dampened investor optimism and fuelled worries over recession. A report from the Conference Board showed U.S. consumer confidence deteriorated to its lowest level in over a year in June. The Conference Board said its consumer confidence index slid to 98.7 in June from a downwardly revised 103.2 in May. However, API data showed a large draw on oil stockpiles in week ended June 24 that restricted sharp decline in the counter. Moreover, concerns over persistent tight supply conditions will continue to keep oil prices supported. WTI crude oil was down 0.50% at $111.20 per barrel. Powered by Commodity Insights