WTI Crude Prices Rose

WTI Crude Prices Rose

WTI Crude Prices Rose

WTI Crude Prices Rose

WTI crude prices rose more than 2% toward $112 per barrel on Tuesday, recouping some losses from last week, as persistent concerns about tight oil supply outweighed fears that aggressive monetary tightening could lead to a global recession and demand slowdown. First support on further decline will be $105.33 and first resistance to be tested is $111.12 Level.

WTI crude futures rose more than 2% toward $112 per barrel on Tuesday, recouping some losses from last week, as persistent concerns about tight oil supply outweighed fears that aggressive monetary tightening could lead to a global recession and demand slowdown. Oil prices have been supported by supply tightness spurred by the war in Ukraine and OPEC’s failure to increase production, at a time demand has been recovering from the Covid slump. Investors also remain cautious about further disruptions to Russian oil exports as European sanctions kick in, while Treasury Secretary Janet Yellen said that the US is in talks with allies to further restrict Russia’s oil revenue by capping the price it would get for its crude. Meanwhile, a global push to raise interest rates amid surging inflation stoked fears of an economic slowdown, although the risk of demand destruction remains uncertain due to a robust recovery.

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