WTI Crude Oil Holds Near $87 Per Barrel Mark

16 Nov 2022 , 02:58 PM

Crude oil prices lacked luster on Wednesday amid rising COVID concerns in China sparking worries of lower fuel demand in the worlds top crude importer. Among the latest outbreaks in China, Guangzhous is the largest, with new daily infections of COVID-19 topping 5,000 for the first time and fuelling speculation that localised lockdowns could widen. Oil prices rose overnight following reports that Russian-made missiles crossed into Poland and killed two people. Meanwhile, the American Petroleum Institute (API) reported a large draw last week for crude oil of 5.835 million barrels, supporting the commodity. In the week prior, the API reported a large build in crude oil inventories of 5.618 million barrels. WTI crude oil futures are currently quoting at $86.73 per barrel, having hit a high of $88.68 overnight. Powered by Commodity Insights