WTI Crude Cuts Losses; Recovers Near $106 Levels

24 Jun 2022 , 04:01 PM

Oil cut losses to regain $106 levels on Friday as strong cues from European equities boosted the commodity. Although the commodity is set for a second straight weekly loss. WTI crude lost around 13% during the last two weeks amid demand concerns as rising interest rates could push the world economy into recession. Fed Chair Jerome Powell, in his second day of Congresional testimony, stressed the central banks unconditional commitment to taming inflation, even amid risks to growth. Meanwhile, dollar index staying stubbornly near two-decade highs is capping gains for oil prices, as a strong greenback makes oil purchases more expensive for holders of other currencies. WTI crude futures are currently quoting up nearly 2% at 106.03 per barrel. Powered by Commodity Insights