WTI Crude Oil Approaches $107 Per Barrel

9 May 2022 , 05:01 PM

WTI crude futures plunged below $108 per barrel, off the days high above $110 per barrel amid resurfacing concerns about weakening global demand and slowing economic activity, particularly from top consumer China due to tightening lockdowns. Leaders from the Group of Seven developed democracies pledged Sunday to phase out or ban the import of Russian oil, adding to concerns. WTI crude is currently quoting at $107.12 a barrel. Besides, a price cut by Saudi Arabia also reflected worries over global oil demand. Saudi Arabia, worlds top oil exporter, lowered crude prices for Asia and Europe for June on Sunday. Meanwhile, the number of total active drilling rigs in the United States rose by 7 this week, after an increase of 3 rigs in the week prior, according to new data from Baker Hughes published on Friday. The total rig count increased to 705 this week?257 rigs higher than the rig count this time in 2021. Drilling has picked up substantially since the Russia invasion, adding 55 rigs over the last ten weeks. Oil rigs in the United States rose this week by 5 rigs to 557, while gas rigs rose by 2 to 146. Miscellaneous rigs stayed the same, at 2. Powered by Commodity Insights