Oil Holds Above $91 As OPEC Seen Getting Into Action

23 Aug 2022 , 01:41 PM

WTI Crude oil futures moved up impressively as a break above $90 per barrel supported the sentiments. Meanwhile, supply concerns after news reports of OPEC signalling production cuts also sent crude prices higher. The Organization of the Petroleum Exporting Countries stands ready to reduce production to correct the recent oil price fall driven by poor futures market liquidity and macro-economic fears, which have ignored extremely tight physical crude supply, OPECs leader Saudi Arabia reportedly, said on Monday. WTI crude oil prices are quoting higher by 1.15% at $91.40 per barrel. Some uptick is being seen in the European equities, keeping oil elevated. MCX Crude oil futures are trading at Rs 7309 per barrel, up 2% on the day. Powered by Commodity Insights