Energy Preview: WTI crude oil futures set for a weekly loss of over 3%

WTI crude oil is staying flat in early Asian trades on Friday and is all set for a weekly loss of over 3%. The counter lost momentum near $66.22 per barrel following a sharp spike in the previous session amid renewed geopolitical tensions in the Middle East, raising concerns about tighter global oil supplies. Besides, falling oil inventories suggesting robust summer demand also supported the counter. The US Energy Information Administration (EIA) weekly report showed crude oil stockpiles in the US for the week ending July 11 fell by 3.859 million barrels, compared to a rise of 7.07 million barrels in the previous week. However, the uncertainty caused by US President Donald Trump?s tariff war might cap the upside for the WTI price.

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