Energy Preview: WTI Crude Regains Above $101 Per Barrel

11 May 2022 , 08:54 AM

WTI crude oil regained back above $100 mark after dropping to its lowest level in nearly two weeks, down more than 3% to touch a low at $98.22 per barrel. Lingering concerns about weakening global demand amid lockdowns in top consumer China coupled with strong dollar weighed on the commodity. Meanwhile, the American Petroleum Institute (API) reported a build for crude oil of 1.618 million barrels in the week ended May 6th, following a 3.479 million barrels slump in the previous week. US crude inventories have shed some 73 million barrels since the start of 2021 and about 16 million barrels since the start of 2020, according to API data. Powered by Commodity Insights