Weekly Crude Oil Review: WTI Futures See Sustained Selling Pressure

23 Apr 2022 , 02:36 PM

WTI Crude oil futures turned lower amid broad weakness equities and a firm US dollar index. Oil eased after recent gains failed to sustain as investors worried about the likelihood of slowing economic growth on the back of aggressive monetary policy tightening as well as the impact of the ongoing war in Ukraine. WTI Crude oil fell near $102 per barrel mark. Meanwhile, the EIA noted that US Crude production has doubled since 2010 because of rise in Horizontal Wells. It also said that 81 percent of completed wells in the oil and gas industry were horizontal or directional in 2021. Overall movement was volatile in oil amid Russia-Ukraine war and falling US crude inventories. The US Energy Information Administration reported a crude oil inventory draw of 8 million barrels for the week to April 15. This compared with an inventory increase of 9.4 million barrels for the previous week. At 413.7 million barrels, the EIA said, inventories were 15 percent below the five-year average for this time of the year.

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