Weekly Crude Oil Review: WTI Futures Fall Near Lowest Since January 2022

10 Sep 2022 , 12:30 PM

WTI Crude oil futures tried to edge up after testing around $80 per barrel- the lowest level since January on worries over a global slowdown. Prices were also hurt due to the US dollars surge to an all-time high. The recent wave of selling ensured that oil gives back all the gains after the latest output cut from OPEC. Markets focused vehemently on developments in China, the worlds biggest oil importer. Chengdu in Sichuan has extended a stay-at-home order for its 21 million residents, while the capital Beijing also continued to see new cases. The US Energy Information Administration (EIA) said in its monthly Short-Term Energy Outlook report that it expects global crude demand to increase in the fourth quarter of 2022 and the first quarter of 2023. This rebound comes following a sharp decline in the previous session after API reported a surprise crude build in the previous week. The American Petroleum Institute (API) reported a build this week for crude oil of 3.645 million barrels. WTI crude oil futures were currently quoting higher by close to 1% at $82.67 following slump if more than 7% in the previous session.Powered by Commodity Insights