London, Wednesday, 20 April 2022
Investors weighed a worsening global economic outlook and fears about sluggish demand in top consumer China against tighter supply from Russia and Libya.
WTI crude futures bottomed around $101 per barrel, a remarkable reversal from daily highs of $104 per barrel.
Following Russia's invasion of Ukraine, the IMF and the World Bank lowered their global economic growth forecasts. At the same time, additional coronavirus-related lockdowns in China have cast a pall over the world's largest petroleum importer.
Supplies problems from Libya as a result of a wave of protests, as well as the possibility of an EU embargo on Russian oil, put a floor under prices.
Meanwhile, US crude oil inventories fell 8.02 million barrels to 413.7 million barrels last week, the highest level since January 2021, according to EIA data.