Energy Preview: WTI Crude Continues Scuffle Under $100 Per Barrel

21 Jul 2022 , 08:42 AM

Crude oil continues its scuffle to cross the psychological $100 mark in early Asia on Thursday as the commodity was weighed down by EIA reports that pointed to weaker gasoline demand. The EIA reported an inventory increase of 3.5 million barrels, adding to the previous build of 5.8 million barrels in the week prior. To add to demand concerns, Baker Hughes said it sees the oil market facing ?an unusual set of circumstances and challenges? for the rest of this year and into next year. Oil markets are expected to have a deteriorating demand outlook for oil over the next year and a half due to high inflation and aggressive interest rate hikes to fight that inflation, Baker Hughes said. WTI crude oil September futures are seen lower by 0.77% at $99.10 a barrel. Powered by Commodity Insights