Energy Preview: WTI crude oil attempts turnaround from 2-week low

WTI crude oil futures are attempting recovery following steep losses in the last couple of sessions after Israel agrees to Trump mediated ceasefire with Iran after nearly two weeks of conflict. Investors expect a truce between both countries will reduce the risk of oil supply disruptions in the Middle East. The commodity is down almost 12% so far this week and at its lowest level in over 2-weeks. Currently, the counter is quoting at $65.20 an ounce, up 1.29% on the day. Meanwhile, US crude oil inventories declined by 4.277 million barrels in the week ended June 20, according to the API.

Powered by Commodity Insights