WTI Crude Softens To One And Half Week, US Equities Tumble

18 Feb 2022 , 12:16 PM

WTI Crude oil futures continued to stay weak today, not holding onto the gains as markets eyed easing tensions on Russia-Ukraine borders. The commodity fell in volatile trades yesterday as US equities melted. The DOW tanked around 1.80% on the day to test three week low. The brutal drop in the US equities was primarily on amid heightened tensions between Russia and Ukraine with confused investors dumping risky assets and pushing up safe havens. The US president Joe Biden said his sense was that a Russian invasion will happen in the next several days. However, with every passing day, lack of confirmed news on actual attacks is taking away the Ukraine fear factor from the oil market. The WTI Crude is holding near its one week and half week low of $89.71 per barrel, down 0.37% on the day. Further losses could be seen if the counter stays under $90 per barrel. MCX Crude oil futures are trading at Rs 6723 per barrel, down marginally on the day after falling near Rs 6700 per barrel mark in intraday moves. However, WTI oil had seen good gains even before the Ukraine worries propelled it above $90 per barrel mark and a sustained drop in the global Covid-19 cases is likely to cap losses for the commodity.

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