Energy Preview: Crude Continues To See Excellent Buying Support As US Covid-19 Cases Drop

2 Feb 2022 , 09:02 AM

Crude oil futures moved up in volatile trades. The prices fell sharply on profit selling but good buying was seen in intraday moves as traders eyed sanctions on Russia owing to the Ukraine crisis. The outlook towards US fuel consumption also remained generally favorable amid falling Covid-19 cases. Coronavirus infections in the United Sates reduced by 42 percent in the last fortnight. The latest weekly average in cases is 4,69,931, the lowest in a month. With 608201 new cases reported on Monday, the total number of people infected with coronavirus in the U.S. has risen to 74,943,050, according to the latest data from Johns Hopkins University. Covid hospitalizations also continued its downtrend nationally. WTI Crude moved up above $88 per barrel but major gains were capped by choppy US equities. MCX Crude oil futures fell near Rs 6500 per barrel before bouncing and hit a high above Rs 6630 per barrel.

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