WTI crude price held steady

WTI crude price held steady

WTI crude price held steady

WTI crude price held steady

WTI crude price held steady near $110 on Thursday but were headed for the first monthly decline since November, as fears of an economic slowdown driven by central banks’ aggressive action to combat surging inflation weighed on oil markets this month. First support on further decline will be $105.33 and first resistance to be tested is $111.12 Level.

WTI crude price held steady near $110 on Thursday but were headed for the first monthly decline since November, as fears of an economic slowdown driven by central banks’ aggressive action to combat surging inflation weighed on oil markets this month. Analysts also flagged signs of weakening US gasoline demand, with near-record prices likely suppressing consumption. The four-week moving average of gasoline supplied fell below 9 million barrels a day, or about 600,000 barrels less than typical seasonal levels, EIA data showed. Meanwhile, the US oil benchmark is still up about 45% this year as the global economic recovery from the pandemic slump coincided with disrupted Russian supply due to the war in Ukraine. Underinvestment, capacity limits and political unrest also mired major producers and added to supply concerns. OPEC+ began two days of meetings on Wednesday with sources saying there was little prospect of pumping more oil.

US OIL

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29 June 2022 14:03

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