WTI Crude up 1% ahead of EIA inventory data

WTI Crude oil futures are witnessing steady gains amid Ukraine-Russia ceasefire hopes though prices are not very far from five month low. The Energy Information Administration or EIA?s latest monthly report predicts a tight oil market through mid-2025, with inventories falling in Q2 due to lower production in Iran and Venezuela. Brent crude is expected to rise from $70 to $75 per barrel by Q3. However, as OPEC+ eases cuts and non-OPEC supply grows, inventories will build, pushing prices down to an average of $68 per barrel in 2026. This is capping advances in the commodity and WTI Crude is currently up 1% at 66.91 per barrel. Oil is now eying weekly EIA Crude oil inventories data.

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