WTI Crude Slips In Red Ahead Of US Inventory Data

9 Mar 2022 , 03:16 PM

WTI Crude oil futures slipped in negative territory as traders reassessed the broad outlook towards supplies after the frantic surge in last few days that took the commodity near its 14 year highs. WTI Crude currently trades down 0.15% at $123.55 per barrel. Good gains were seen in major equity indices in Europe and Asia today and that rather led to a decline in oil prices given that rising stock markets mean some stability on the Ukraine war front. While the Russian invasion of Ukraine still continues and there is no clarity whatsoever as of yet regarding the future course of action, oil markets are trying the asses like how much impact will the Western worlds sanctions have on prices in next few weeks. United States President Joe Biden has imposed an immediate ban on Russian oil and other energy imports in retaliation for Russias invasion of Ukraine, while the United Kingdom said it would phase out imports by the end of 2022. WTI Oil still remains well elevated, holding above $120 per barrel and modest profit selling is possible ahead of the release of weekly EIA US Crude oil inventory data.

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