Crude Pulls Back After Sharp Gains Yesterday

29 Sep 2022 , 01:36 PM

The WTI Crude oil futures slipped today as renewed signs of stress emerged in the global financial markets amid firm undertone in the US dollar and broad recession worries. This took a toll on oil after the prices edged up yesterday. The WTI Crude oil futures jumped more than 5% in last session to break above the $80 per barrel mark on a solid surge in the US equities. The US stocks staged a comeback on Wednesday as the Bank of England said it would intervene in the bond market to stabilize conditions. The Bank of England said on Wednesday that it would buy as many long-dated government bonds as needed between now and October 14 to stabilise financial markets, and added that it would postpone next weeks start of its gilt sale programme. However, the stress in risky assets over last few days is refusing to give up and WTI Crude oil has lost 1.75% to trade at $80.71 per barrel. Meanwhile, the Energy Information Administration reported a modest inventory draw of 200,000 barrels for the week to September 23. This compared with an increase in oil inventories of 1.1 million barrels for the previous week.Powered by Commodity Insights