Weekly Crude Oil Review: WTI Crude Holds Above $90 Mark As Russia Invades Ukraine

26 Feb 2022 , 02:23 PM

WTI Crude oil futures hit $100 per barrel as the global geopolitical worries turned into visible threat with Russian President Vladimir Putin announcing military operation in Ukraine. WTI Crude oil slipped from these elevated levels but consolidated above $90 per barrel. US Energy Information Administration (EIA) showed a second consecutive build in domestic crude oil inventories through the week ended February 18. EIA data showed US commercial crude stockpiles increased by 4.5 million bbl last week to 416 million barrel and are now about 9% below the five-year average. Crude oil stored at Cushing, Oklahoma, the delivery point for WTI futures, fell 2 million barrel from the previous week to 23.8 million bbl, EIA said in its weekly report. Total US commercial petroleum inventories decreased by 1.8 million barrel last week. Total products supplied over the last four-week period averaged 21.9 million bpd, up 12.1% from the same period last year. MCX Crude oil futures moved in line with the global prices and slipped after nearing Rs 7300 per barrel. The counter lost around 6% in a single session on 25 February 2022 and closed at Rs 6848 per barrel.

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