Energy Preview: Crude Oil Extends Upside On Supply Woes

26 Jul 2022 , 08:35 AM

Crude oil is seen extending upside for the second day in a row on Tuesday as supply concerns resurface amid media reports that Russia tightened its gas squeeze on Europe on Monday as Gazprom said supplies through the Nord Stream 1 pipeline to Germany would drop to just 20% of capacity. Lower US dollar tracking benchmark treasury yields ahead of Fed policy decision later this week is also keeping oil prices supported. However, economic slowdown concerns adding to fuel demand worries are likely to cap gains in the commodity. WTI crude oil futures are up 1.65% at $98.30 per barrel. Powered by Commodity Insights