US Crude storage trends dominate crude oil market as WTI futures soar

WTI Crude oil futures scaled up to fresh two-month high near $66 per barrel as steady equities helped keep sentiments positive. Traders eyed progress in US-China trade talks and also stayed bullish ahead of the weekly US crude oil inventories data. WTI Crude is currently quoting at $65.99 per barrel, up 1.55% on the day. Oil did not see an adverse reaction despite worries over global economic growth as markets rather kept focus on near term US dynamics. Global growth is slowing due to a substantial rise in trade barriers and the pervasive effects of an uncertain global policy environment, the World Bank noted in its latest global economic prospects report. Growth is expected to weaken to 2.3% in 2025, substantially weaker than previously projected. Meanwhile, Crude oil inventories in the United States fell by 4.3 million barrels during the week ending May 30, according to new data from the U.S. Energy Information Administration released on last Wednesday. This was the largest decline in 6 months for the inventories.

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