Weekly Crude Oil Review: WTI Crude oil recovers from four week low

WTI Crude oil futures tested a four-week low before witnessing a recovery towards $70 per barrel. The prices fell earlier in the week on reports of Israel striking Iranian military targets without impacting oil or nuclear facilities, easing fears of supply disruptions. Additionally, Israeli Prime Minister Netanyahu signaled openness to a limited truce in Gaza, further reducing geopolitical risk premiums. The U.S. Energy Information Administration reported an inventory draw of a half a million barrels for the week to October 25. This followed a build of 5.5 million barrels for the previous week. More importantly, US gasoline stockpiles hit 2-year low on stronger demand, supporting sentiments. Gasoline stocks shed 2.7 million barrels in the week to October 25, with production at an average 9.7 million barrels daily.

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