West Texas Intermediate Stays Stronger Above $91 in the Midst of Ukraine and Russia Crisis

Updated:

The West Texas Intermediate Oil value stays close to $91.45, increasing by 1.30% in a day while recording the first loss within nine months during today’s Asian session.

Although anxiety amidst the energy bulls can be observed as a major promoter for the crude oil 1st weekly loss in many weeks. Struggle between Russia and Ukraine combines with the OPEC+ supply interest to retain the hope of West Texas Intermediate customers. It’s of no value that the Federal Reserve rate increase talks and inflation calamity contribute to the increase in energy Price.

Experiences So Far and What to Expect
Somewhere else, OPEC+ led by Russia strains to meet the production increase promises, not long ago the OPEC president declared that the oil supply is not sufficient and accused oil companies of not investing as they should.

Also, the anxiety of the Federal Reserve system’s speedy rate increase and inflation calamity challenges oil buyers and sellers at many month highs. At the same time the recent risk-off mood, painted by depressed US T yield (Treasury yield) and stock features

West Texas Intermediate Oil traders will focus their attention on developments coming from Russia and Ukraine tussle for fresh stimuli ahead of the US-Russia gathering towards the end of this week. If the tension should die down, there are possibilities of experiencing a fall in the value of oil.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.