WTI Crude Steadies Near $99 Per Barrel

26 Apr 2022 , 12:45 PM

WTI crude oil prices seem to have lost the psychological support of $100 as demand worries escalate amid Chinas worsening Covid situation. Chinas central bank on Tuesday pledged to increase support for the economy as authorities in Beijing expanded virus testing to most of the city, raising concerns about a lockdown of the capital. Meanwhile, China will keep liquidity reasonably ample in financial markets, the Peoples Bank of China (PBOC) said in a statement on Tuesday, a day after the central bank announced a cut to banks foreign exchange reserve ratio to support its economy. Besides, a significant cut in the global growth forecasts by the International Monetary Fund (IMF) has further weighed down sentiments. WTI crude futures bounced on Tuesday, steadying near $99.22 per barrel after a sharp fall of 4% in the previous session to a low of $95.31.

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