WTI Crude Oil Seen Approaching $108 Mark

27 Jun 2022 , 02:18 PM

Crude oil futures are seen extending recovery on Monday, approaching a $108 mark, pulling away from its monthly lows near 101 levels. Stocks in the Asia-Pacific region advanced on Monday, as an easing in covid-19 restrictions in China raised prospects the economy will recover from the pandemic hit. The Hang Seng led the gains across its regional peers to finish 2.4% higher at 22230, the strongest close since April 4th. Besides, supply concerns loom as western governments sought ways to cut Russias ability to fund its war in Ukraine. According to media reports, G7 leaders, who began their meeting on Sunday, are expected to discuss options for tackling rising energy prices and replacing Russian oil and gas imports, as well as further sanctions that do not exacerbate inflation. WTI crude prices are currently at $107.64 per barrel. Powered by Commodity Insights