Energy Preview: Crude Oil Slips In Asian Trades

9 Aug 2022 , 01:07 PM

WTI Crude oil futures are consolidating around $90 per barrel mark as a modest pullback from six month low is failing to hold on. Selling pressure continued to cap advances for the commodity and the WTI Crude oil futures are currently trading at $89.99 per barrel, down 0.85% on the day. MCX Crude oil futures will likely see a modest start following this after a sharp spurt in last session. The counter closed at Rs 7190 per barrel, up around 1.50% on the day after hitting Rs 7235 per barrel in intraday moves. Crude oil prices last week found support after OPEC+ at its meeting last Wednesday said it would boost its crude production target for September by only 100,000 bpd, well below the 600,000 bpd it announced for July and August. A slightly weak undertone in the US dollar also boosted sentiments though profit selling continues to weigh on the commodity on every modest rally.Powered by Commodity Insights