Hot Commodities: Crude Oil Loses 1.5% In Asia On Sustained Selling Pressure

17 Feb 2022 , 12:35 PM

WTI Crude oil futures slipped in Asia, giving up bulk of their overnight gains as continued softening in the Russia-Ukraine tensions clubbed with lack of fresh buying at near seven year high mark weighed on the prices. The commodity moved up impressively in last session as the US equities edged up and the threshold of 90 per barrel supported the counter for a second session. WTI Crude managed to end above $93 per barrel though sentiments were somewhat edgy on a rise in the US crude oil inventories. The US Energy Information Administration reported a crude oil inventory build of 1.1 million barrels for the week to February 11. However, the oil market turned lower in Asia as talks of Iranian nuclear deal took a toll on the prices and WTI Crude fell quickly. The commodity currently quotes at $92.28 per barrel, down 1.50% on the day. A slightly firm undertone in the US dollar index, which moved near 96 mark also capped oil. MCX Crude oil futures are trading at Rs 6800 per barrel, down 1.69% on the day as a slide under Rs 7000 per barrel extended. The open interest in the counter fell nearly 16% in last session, indicating a mixed of profit selling and lack of fresh as the prices saw a tussle around Rs 7000 per barrel mark.

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