WTI Crude At Lowest Since January 2022

7 Dec 2022 , 01:09 PM

The WTI Crude oil futures stayed under stress amid weak equities and a modest rebound in the US dollar. WTI Crude has dropped this week, witnessing sustained losses after a break under $80 per barrel. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together called OPEC+ have held their output targets steady ahead of a European Union ban and a price cap kicking in on Russian crude. OPEC+ agreed to stick to their October plan to cut output by 2 million barrels per day from November through 2023. This has not been able to provide a floor to the oil prices and the commodity currently quotes at $74 per barrel, down marginally on the day. These are the lowest levels since January 2022 for the commodity. The US Gasoline futures are also witnessing hefty selling. The US Gasoline stocks are at a 213.77 million barrels as on November 25th, up from 211.39 million barrels one year ago- hitting around two and half month high. Powered by Commodity Insights