WTI Crude Attempting To Recover In Asia

12 Oct 2022 , 12:36 PM

WTI Crude oil futures are attempting a recovery in Asia amid signs of bargain buying after recent correction. Oil has slipped this week, falling under the key $90 per barrel on concerns about a global growth slowdown and firm US dollar. The commodity had recovered impressively this month after testing lowest level since January last month, after the Organization of Petroleum Exporting Countries and its allies agreed to cut oil supply by 2 million barrels a day. While the sizable reduction in supplies is bound to keep sentiments supported, the focus right now has shifted to the US inventories data due to come out tonight, leading to some selling pressure in the counter. WTI Crude oil futures are currently trading at $89.66 per barrel, up 0.35% on the day. Prices have been witnessing some support around $88 per barrel. Powered by Commodity Insights