WTI Crude trades at $90 per barrel

By Tolulope Dolapo Thomas

Published: February 10, 2022 | 7:04 AM GMT

The West Texas Intermediate (WTI) crude futures steadied near $90 per barrel on Thursday as investors weighed a surprise decline in US crude inventories against signs of progress in reviving the Iran nuclear deal.

The EIA data showed US crude stockpiles fell by about 4.

8 million barrels last week, compared with market expectations for a 369K barrel increase.

Oil has scaled 2014 highs recently as demand recovery combined with falling stockpiles and supply disruptions to push prices higher.

Capacity constraints among OPEC members and geopolitical tensions in Eastern Europe also contributed to elevated energy prices.

However, the rally has stalled this week as the prospects of a nuclear agreement with Iran has become more likely after talks resumed in Vienna.

Analysts suggested that Iran could add as much as 1.

5 million barrels a day if an agreement is reached that allows sanctions to be lifted.

The WTI benchmark for US crude is the world’s most actively traded commodity.

Source: Trading Economics
WTI Crude trades at $90 per barrel

Breaking News

About Tolulope Dolapo Thomas

Tolulope Dolapo Thomas, BSc, is a Public Health Educator and Broadcast Journalist with extensive experience in radio and television. She specializes in Health Promotion, Sexual and Reproductive/Fertility Health, and Environmental Health. Certified in CPR and First Aid, Tolulope is passionate about empowering women through evidence-based public health education, fertility awareness, and community sensitization. She is currently pursuing an MSc in Public Health and is the founder of Everywoman Health by TD, a women-focused health platform dedicated to providing accurate, accessible, and trustworthy guidance for women at every stage of life.