Energy Preview: Crude Oil Holds Under $85 Per Barrel Mark

21 Oct 2022 , 08:39 AM

A hawkish Federal Reserve amid persistent inflation worries and COVID curbs by worlds largest crude importer China has been adding immense pressure on oil prices. Besides, higher treasury yields and dollar is also seen adding to woes for the commodity that is set to post second weekly loss. WTI crude oil holds near $84.85 per barrel, reversing from $86.94 in the previous session. Data showed yesterday that U.S. Energy Information Administration reported crude oil inventories had shed 1.7 million barrels in the week to October 14. This compared with an inventory build of 9.9 million barrels for the previous week and an API estimate of declines in both crude and fuels for the week to October 14. In gasoline stocks, the EIA reported a draw of 100,000 barrels, which compared with a build of 2 million barrels for the previous week. Powered by Commodity Insights