Hot Commodities: WTI Crude Oil Tests One Week Low, European Equities See Deep Losses

19 May 2022 , 03:30 PM

WTI Crude oil futures tanked to a one week low yesterday, extending a selloff after the break under $110 per barrel amid brutal losses in global equities. The commodity is currently trading at $105.45 per barrel, down 1.49% on the day. Asian equities saw heavy selling today on bleak overnight US cues and the European markets also ensured massive losses in early moves. Major indices in Europe are down around 2%. Oil has extended the losing spree despite a drop in the US crude oil inventories. Energy Information Administration reported an inventory draw of 3.4 million barrels for the week to May 13. At 420.8 million barrels, the EIA said, inventories of crude oil were 14 percent below the five-year average for this time of the year. While the inventories fell, the US crude oil imports went up, indicating firm demand despite elevated prices for products- particularly Gasoline. The US crude oil imports averaged 6.6 million barrels per day last week, up by 299,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 4.7% more than the same four-week period last year. MCX Crude oil futures are trading at Rs 8192 per barrel, down around 2% on the day on bleak global cues.Powered by Commodity Insights