Oil Slumps In Afternoon Trades, WTI Futures Fall 1.50%

22 Jul 2022 , 04:59 PM

The WTI Crude Oil futures slumped today in afternoon after surging earlier in the session. The commodity moved up initially but worries of slowing demand from US will keep a lid on gains. Crude fell by nearly 3% in the previous session amid signs of softening US demand after data showed that U.S. gasoline demand had dropped nearly 8% from a year earlier in the midst of the peak summer driving season. The WTI Crude failed to sustain on higher levels though and tested a one week low of $95 per barrel. The counter currently trades down 1.50% at $95.70 per barrel. Powered by Commodity Insights