Weekly Crude Oil Review: WTI Futures Slump Under $110 Per Barrel

18 Jun 2022 , 12:21 PM

Crude oil fell sharply after breaking under $120 per barrel mark. It tumbled near $108 per barrel in response to heavy selling following a massive 75 bps US interest rate hike by the US Federal Reserve amid heavy selling pressure in equities. Oil producing countries cartel OPEC has noted in a latest update that world economic growth in 2022 remains broadly unchanged at 3.5%, following growth of 5.8% in 2021. US GDP growth for 2022 is revised down to 3.0% from 3.2%, after growth was reported at 5.7% for 2021. Euro-zone economic growth for 2022 is revised down to 3.0% from 3.1%, following growth of 5.4% in 2021. Japans economic growth for 2022 is revised down to 1.6% from 1.8%, after growth of 1.7% in 2021. Meanwhile, the United States Treasury has slapped additional sanctions on companies based in Iran, China and the UAE for enabling the export of Irans petrochemicals. On Thursday, the U.S. Department of the Treasurys Office of Foreign Assets Control (OFAC) implemented new sanctions on what it called ?a network of Iranian Powered by Commodity Insights