WTI Crude Oil Slides Below $100

25 Apr 2022 , 10:48 AM

WTI crude futures fell below $100 mark to around $99.03 per barrel on Monday amid demand concerns on persistent worries that prolonged COVID-19 lockdowns in Shanghai and potential U.S. rate hikes would dent global economic growth and fuel demand. China is a leading importer of oil. Crude oil prices are lingering near two-week lows, extending a more than 5% drop in the US oil benchmark as demand concerns outweighed worries over tight global supply. In the US, Federal Reserve Chair Jerome Powell indicated that a half-point interest rate increase ?will be on the table? when the Fed meets in May to approve the next in what is expected to be a series of rate hikes this year. Meanwhile, a significant cut in the global growth forecasts by the International Monetary Fund (IMF) has raised concerns over the demand for oil in the global market.

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