Energy Preview: WTI Crude Pulls Back Below $105 Per Barrel

12 May 2022 , 08:58 AM

Crude oil pulled back after Russia countered by sanctioning 31 companies from countries that imposed sanctions on Moscow when Russia invaded Ukraine in February. Meanwhile, the European Union is negotiating an embargo on Russian oil. WTI crude oil slipped nearly 1% to $104.47 a barrel after hitting a high of 106.20 overnight. Besides, worries about a fall in demand from China, as it attempts to curb the spread of the coronavirus through lockdowns continues to weigh down oil prices. Meanwhile, the Energy Information Administration or EIA is expecting Brent crude oil prices averaging $107 per barrel in the second quarter this year, according to the latest Short Term Energy Outlook published on Tuesday. For WTI crude, the EIA estimates that the full-year 2022 price will average $98.20, slipping to $9.24 next year. The U.S. crude oil production will average 11.9 million bpd in 2022, up just 700,000 from the average last year. Powered by Commodity Insights