WTI Crude nears $70 per barrel, MCX futures spike 1%

WTI Crude oil futures stayed supported today, nearing the critical $70 per barrel mark. Prices have been holding around a two-week high despite tariff worries and firm US dollar. The US EIA projects global inventory builds will weigh on prices but that is seemingly not having an impact on prices right now. Equities remained supported recently, helping oil sustain recent gains. Meanwhile, the Crude oil inventories in the United States increased by 7.1 million barrels during the week ending July 4, according to EIA data. The build brings commercial stockpiles to 426 million barrels, still 8% below the five-year average for this time of year. MCX Crude oil futures are up 1% at Rs 5940 per barrel.

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