Energy Preview: Oil Stays Pressure Near $88 Per Barrel Mark

18 Aug 2022 , 08:43 AM

Crude oil erased initial extension to overnight gains in early Asia on Thursday even as data from Energy Information Administration estimated a draw in oil inventories of 7.1 million barrels for the week to August 12. Persistently bleak economic data from across the globe pointing an imminent recession and hence weakening demand weighed down the commodity. Meanwhile, dollar remained supported following Fed minutes that further pressured oil prices. Fed minutes reaffirmed the central banks plans to continue raising interest rates in an effort to return inflation to its 2 percent objective. WTI crude oil prices were lingering near the flat line at $ 88.19 per barrel. Powered by Commodity Insights