WTI Crude Struggling To Break Above $100 Mark

20 Jul 2022 , 02:25 PM

Crude oil is seen struggling to break above $100 mark on Wednesday, following five consecutive days of gain. WTI crude oil September futures are trading lower by nearly 1% at $99.80 per barrel. The American Petroleum Institute (API) reported a build-up of oil inventories for the past week by 1.86 million barrels. The build comes as the Department of Energy released 5 million barrels from the Strategic Petroleum Reserves in Week Ending July 15 to 480.1 million barrels. The API reported a surge of 4.762 million barrels in the previous week. Meanwhile, top consumer China reported more than 1000 coronavirus cases for the first time since May 20 and investors grow increasingly concerned over Chinese officials introducing additional restriction measures that could further slump demand for oil. Powered by Commodity Insights