Energy Preview: WTI crude oil futures extend downside in early Asia

WTI crude oil extends downside on Friday morning in Asia as excess US inventories and an upcoming OPEC+ meeting triggered supply side concerns. Yesterday's data from Energy Information Administration showed that crude oil inventories rose by 3.8 million barrels to 419 million barrels for the week ending June 27. Total motor gasoline stocks rose by 4.2 million barrels to 232.1 million barrels, suggesting summer season demand is not peaking as expected. Meanwhile, supply side concerns still remain about the OPEC+ meeting on July 6. The cartel intends to raise production by 411,000 bpd in August. Russia is likely to concur with the decision to boost output. Oil futures are currently quoting at $66.80 per barrel, down 0.30% on the day.

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