Crude Slumps, WTI Futures Under $88.50 Per Barrel

19 Aug 2022 , 04:13 PM

WTI Crude oil futures stayed under pressure ahead of the weekend as firm US dollar index weighed on the sentiments. Oil traders also eyed mostly depressing cues from equities. Chinas Shanghai Composite index fell 0.60%. Hong Kongs Hang Seng index closed slightly higher. European shares mostly fell. The US stocks continued to stay slippery on broad selling pressure. Selling pressure also remained in place on broad demand concerns and pulled the counter under $90 per barrel. WTI Crude oil futures are currently trading at $88.44 per barrel, down around 2% on the day. The US dollar was firm for the third day in a row as a hawkish fed in its recent minutes and continued rate hike stance pushed treasury yields higher, supporting dollar. US treasury yields were higher near 2.9% while dollar index that measures the greenback against a basket of currencies was up 0.36% at 107.80 holding around five week high. MCX Crude oil futures slumped 2.50% at Rs 7087 per barrel on extremely weak global cues.Powered by Commodity Insights