WTI Crude Crashes Well Under $80 Per Barrel In Asia

26 Sep 2022 , 11:02 AM

WTI Crude oil futures continued to slide as the $80 per barrel mark gave up and equities turned lower in Asia. The futures have tested a nine month low now and currently trade at $78.50 per barrel, down half a percent on the day. DOW tested around two year low and took a significant toll on risky assets. The US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.1 million barrels from the previous week. At 430.8 million barrels, US crude oil inventories are still down about 2% below the five year average for this time of year, according to the EIA crude oil and petroleum weekly storage data, reporting inventories as of September 16, 2022.Powered by Commodity Insights