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Demand Fears Cannot Keep WTI Price Below $90

Mohamed Abdelhamid 20 August, 2022 3:12 am Commodities, Market Update

On Friday, WTI crude oil trades at $90.44 versus $90.11 on Thursday. Brent trades at $95.17 versus $90.75 on Thursday.

Bearish sentiment dominated oil markets amid fears of demand destruction. Rumors on nuclear deal renewal are pushing crude prices down. Inventory draws in the US are pushing prices higher, but downward pressure continues.

Crude had a bad week’s beginning because of weak Chinese economic data and rumors that Iranian oil taps could open by the revival of the nuclear deal. US stock draws helped relatively ease supply concerns, so, both WTI and Brent bounced back on the news.

OPEC’s Sec. General Haitham al Ghais blamed policymakers and insufficient oil and gas sector investments for the high prices, and not OPEC which has not been impacted by domestic pressures to stop oil projects.

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