WTI Crude Oil Seen Bearish On Demand Woes

3 Aug 2022 , 11:09 AM

Crude oil prices are trading lower on Wednesday as dollar stays firm above 106 levels attained in the previous session amid escalating US-China tensions and hawkish remarks from Fed officials. Meanwhile, mounting recession worries in the face of deteriorating economic data from across the globe is adding to demand worries for oil. Oils leading consumer, China reported a downbeat Caixin Manufacturing PMI on Monday as the resurgence of Covid-19 in July hit their economic activities. Moreover, adding to demand woes, data from the American Petroleum Institute, an industry group, showed U.S. crude stocks rose by about 2.2 million barrels for the week ended July 29. WTI crude oil futures are currently quoting lower by 0.18% at $94.39 per barrel. Powered by Commodity Insights