Energy Preview: WTI crude oil recovers from 2.6% slide

WTI crude oil futures are attempting recovery following a sharp slide of over 2.6% in the previous session. Oil prices tumbles amid concerns about a supply hike for August by OPEC+, a surprise increase in US crude inventories, and intensifying US tariff pressures. Moreover, a huge crude stock inventory in the US contributed to the WTI?s downside. The US Energy Information Administration (EIA) weekly report showed crude oil stockpiles in the US for the week ending July 4 rose by 7.070 million barrels, compared to an increase of 3.835 million barrels in the previous week. Meanwhile, the Energy Information Administration or EIA stated in latest update that the US crude oil refinery inputs averaged 17 million barrels per day during the week ending July 4, 2025, which was 98 thousand barrels per day less than the previous week?s average. WTI crude futures are currently quoting at $66.87 per barrel, up 0.45% on the day, paring losses from yesterday?s sharp slide.

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