WTI Crude Approaches Near $90 Per Barrel Despite Mixed Equities

7 Oct 2022 , 05:05 PM

Crude oil futures scaled up impressively today as markets stayed firm following supply worries. The Organization of Petroleum Exporting Countries and its allies said it will cut production by two million barrels per day in the coming months. The WTI Crude oil futures hit around three week high and currently quote at $89.40 per barrel, up around 1% on the day. Oil rose despite mixed cues from global equities. Asian markets mostly eased. Japans Nikkei 225 index lost 0.71% and Hong Kongs Hang Seng fell around 1.50%. European shares saw minor gains as markets eyed the US nonfarm payrolls data. The US stocks fell. The major averages all finished the day firmly in the red. The Dow tumbled 346.93 points or 1.2 percent to 29,926.94, the Nasdaq slid 75.33 points or 0.7 percent to 11,073.31 and the S&P 500 slumped 38.76 points or 1.0 percent to 3,744.52.Powered by Commodity Insights