Energy Preview: WTI Crude Tanks Under $100 Mark, Covid Fears Resurface In China

15 Mar 2022 , 08:57 AM

Crude oil futures tanked, testing around two week low amid renewed worries on Covid-19 spikes in China and currently trade down around 4% at $99 per barrel. MCX Crude oil futures broke under the key Rs 8000 per barrel mark and closed at Rs 7797 per barrel, down 6.45% on the day. While the Russia-Ukraine war continues, oil has been hurt by lack of fresh buying after the recent spike. Traders also eyed rising US rig count data. The number of total active drilling rigs in the United States rose by 13 last week to 663, latest data from Baker Hughes showed. The total active rig count is 261 rigs higher than the rig count this time in 2021. Oil rigs rose by 8 to 527, while gas rigs were up by 5 to 135. Miscellaneous rigs stayed the same at 1. The rig count in the Permian Basin rose by 6 in the week, bringing the total rig count in the Permian basin to 316.

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