Energy Preview: WTI crude oil set for weekly loss of over 3%

WTI Crude oil futures is steadying under $60 per barrel mark in early Asia on Friday as equities gave back recent spike that had taken the counter near $55 mark. Meanwhile yesterday data from the Energy Information Administration (EIA) released its weekly report yesterday, revealing a rise in the number of barrels of commercial crude oil held by US firms. The Crude inventories rose by 2.6 million barrels to 442.3 million barrels in the week ended April 4, 2025. This followed a spike of 6.165 million barrels in last week. However, Product supplied of gasoline, a proxy for demand, fell to 8.4 million bpd from 8.5 million bpd in the previous week, thereby triggering some worries over near term US demand trends and pulled oil lower. WTI Crude currently trades at $59.85 per barrel, down around 0.37% on the day and is set for a weekly slide of over 3%.

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