WTI crude oil settled

WTI crude oil settled

WTI crude oil settled

WTI crude prices steadied above $96 per barrel on Tuesday as traders weighed the possible release of strategic crude reserves by the US and its allies to counter the impact of crippling sanctions against Russia on energy supply. The US is reportedly considering tapping 30 million barrels from the Strategic Petroleum Reserve, with an equivalent amount from a group of other countries. The US oil benchmark rallied as much as 8% in the previous session before paring gains, as Western nations imposed more sanctions on Russia, raising fears of supply disruptions from one of the world's largest oil and gas producers. Companies including BP and Shell also announced plans to exit Russian operations, while importers of Russian oil faced payment and delivery difficulties. Meanwhile, OPEC+ will meet on Wednesday to discuss output policy, where it is expected to stick to its plan of moderate supply increases despite the market turmoil brought by the invasion.

 

USOIL:

 First support on further decline will be $95.70 USD and first resistance to be tested is $100.00.

 

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