WTI crude is quoting near $121 per barrel on Tuesday as markets assessed reports regarding Libyan crude oil output. However, expectation of aggressive Fed rate hike amid soaring US inflation levels and China lockdown amid rising Covid cases are likely to keep demand for crude low. A COVID outbreak at a bar in Beijing has raised fears of a new phase of lockdowns just as restrictions were being eased. Weak equities may also cap oil. Asian stocks stayed under stress after witnessing heavy selling in last session. The European equities started on a muted note. The US stocks moved sharply lower during trading on Monday. The Dow tumbled nearly 3% and other US indices also slumped. Powered by Commodity Insights
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