Energy Preview: WTI Crude Tests Lows Under $90 Per Barrel Before Finding Support

23 Feb 2022 , 09:03 AM

WTI Crude oil futures saw heavy volatility in last session, moving in broad range of $95-89 per barrel. Wall Streets main indexes slipped on Tuesday as shares of Home Depot slumped after earnings, while the prospect of harsh Western sanctions against Russia over its conflict with Ukraine kept investors on edge. The commodity also saw some selling pressure on weak US economic cues. The US Conference Board released a report on Tuesday showing a modest decrease in US consumer confidence in the month of February. The Conference Board said its consumer confidence index dipped to 110.5 in February from a downwardly revised 111.1 in January. Oil eventually edged up as lows under $90 per barrel continued to offer good support to the counter and currently trades up 0.40% at $92.40 per barrel. MCX Crude oil futures closed at Rs 6905 per barrel, up 0.54% on the day.

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