Energy Preview: WTI crude set for sharp weekly decline

WTI crude oil continues to steady around lower levels after the steep decline recorded earlier in the week following ceasefire between Israel and Iran. The counter is trading at $65.64 per barrel, higher by 0.61% on the day after a fall of around 12% this week. Sharp decline in crude inventories and weakening of the greenback provides some support to the dollar-denominated commodity price. The US Energy Information Administration (EIA) weekly report showed crude oil stockpiles in the US for the week ending June 20 declined by 5.836 million barrels, compared to a fall of 11.473 million barrels in the previous week. Investors have look forward to progress in US-China trade talks, as well as the July 6 OPEC meeting.

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