Energy Preview: WTI Crude Slides 1% On Weak Equities

2 May 2022 , 01:05 AM

WTI Crude oil slipped on Friday as heavy selling in equities capped gains. West Texas Intermediate crude bounced above $105 levels in intraday moves on supportive equities in Asia and escalation in the Russia-Ukraine warfare. Crude prices steadied after the recent bounce as investors weighed up tightening Russian supplies and the prospect of dwindling fuel demand in China amid economic woes. Meanwhile, the EIA noted in its latest weekly update that US crude oil imports averaged 5.9 million barrels per day last week, up by 98,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.0 million barrels per day, 0.3% less than the same four-week period last year. However, the commodity gave up bulk of these gains and closed down 1% at $104 per barrel.

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