Crude Oil Price Today Rebounds While Staying Below $90

Crude Oil Price Today Rebounds While Staying Below $90

Want to know about the crude oil price today? First, let’s discuss what went wrong with the market. The crude oil prices had been slumping yesterday after demand and supply fears mounted. This was because of the fact that ever since the Russia-Ukraine war started there were concerns that Russia would pull out of the international oil market. It is a major supplier of oil and the sanctions against it in the domain and its own will to withdraw might lead to a surge in demand when the supply would not be able to match it.

Phil Flynn, who works at the Price Futures Group, Chicago, as an analyst, commented on the situation saying that:

"Basically, it's all about tight supplies and concerns about an economic slowdown that might happen in the future. This has created a lot of uncertainty in the market."

Crude Oil Price Today

According to data by OilPrice.com, it was seen that Brent crude price was trading at $88.83 per barrel, representing a gain of 0.94% or 0.83 points. It was hovering around the same price on Wednesday as it continued its declining spree to extend below the $90 mark. After the Brent oil price saw a pullback, it was still substantially down from the recent low of $91.50 that was recorded a few weeks ago. Thus, this has to be its new low for the year.

The WTI oil price (U.S. West Texas Intermediate) was up by 1.05% as they traded at $82.80 (increasing by 0.86 points) per barrel. Earlier, during the Russia-Ukraine war, it had crossed the $100 mark a barrel, which was indeed significant. On the other hand, Natural Gas prices that took a deeper dive earlier were valued at $7.860 per unit, up slightly by 0.23%. However, the Murban Crude futures saw a huge decline of 5.12% as they traded at $89.57 per barrel (losing 4.83 points).

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Sahil Patil

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