WTI Crude Lingers Around Two Week Low

8 Apr 2022 , 01:20 PM

WTI Crude oil futures have slipped well under $100 per barrel and continue to quote around $96.50 per barrel- two week low mark. Oil fell sharply after the US Energy Information Administration reported an inventory increase of 2.4 million barrels for the week to April 1. This compared with a draw of 3.4 million barrels for the previous week. In gasoline too, the EIA estimated an inventory draw of 2 million barrels for the week to April 1, which compared with a build of 800,000 barrels for the previous week. Gasoline production, the EIA said, averaged 9.1 million barrels daily, a slight increase on the previous week.

Powered by Commodity Insights