Energy Preview: WTI crude futures at 2-month high; EIA reports sharp fall in oil stocks

WTI crude futures are moderating gains after a near 5% spike in the previous session to an over two-month high amid escalating US-Iran geo-political tensions. Meanwhile, crude oil inventories in the United States fell by 3.6 million barrels during the week ending June 6, according to new data from the U.S. Energy Information Administration. The American Petroleum Institute (API) reported a drop of 370,000 barrels in U.S. crude oil inventories, with a sizable build in gasoline and distillate stocks. For total motor gasoline, the EIA estimated that inventories increased by 1.5 million barrels for the week to June 6, with daily production increasing to an average 9.7 million barrels, from 9 million barrels in the week prior.

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