Profit Selling Weighs On Crude Oil, MCX Futures Slide More Than 1%

23 Feb 2022 , 05:21 PM

WTI Crude oil futures corrected today even as the Russia-Ukraine crisis remained in focus. Oil seems to be witnessing selling pressure on rallies as fresh buying support is limited around seven year high for the commodity. Rising US rig count data is also keeping major rallies under check for the counter. Baker Hughes on last Friday reported that the number of active US rigs drilling for oil rose by four to 520. The total active US rig count, which includes those drilling for natural gas, also edged up by 10 to 645, according to Baker Hughes. The US crude oil rigs is now at the highest since April 2020. WTI Crude moved lower today even as equities firmed up in Europe and currently trades down 0.59% at $91.37 per barrel. The MCX Crude oil futures are trading at Rs 6835 per barrel, down 1.19% on the day.

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