Oil In Freefall, WTI Crude Approaches $74 Mark

28 Nov 2022 , 05:13 PM

The WTI Crude oil futures slumped today amid broad demand concerns as oil traders eyed the situation in China. Asian stock markets eased on growing unrest in China amid the zero-COVID policy with record-high domestic daily Covid-19 cases and the unprecedented COVID restrictions in several cities in China. European shares fell on weak global cues. The US stocks saw subdued action amid thin Holiday trades. WTI Crude oil has been in a freefall after breaking under $80 per barrel mark and currently trades at $74 per barrel, down around 3% on the day. These are the lowest levels in last 11 months. Along with the worries over Chinese demand, oil has also been rattled by sustained increase in the US oil rig counts. The number of total active drilling rigs in the United States rose by 2 last week, according to new data from Baker Hughes. The total rig count increased to 784 last week?215 rigs higher than the rig count this time in 2021. Oil rigs in the United States rose by 4 last week, to 627. This marks an increase of 160 rigs over the year.Powered by Commodity Insights