Energy Preview: WTI crude futures rebound above $66 per barrel mark

WTI crude oil futures rebounded above $66 per barrel mark after weekly data showed a larger than expected US crude inventory draw. The US Energy Information Administration (EIA) weekly crude oil stock report showed crude oil stockpiles in the US for the week ending July 18 declined by 3.169 million barrels, compared to a fall of 3.859 million barrels in the previous week. Meanwhile, improving trade negotiations between the US and the EU eases pressure on the global economy and keeps the commodity supported. Both trade partners are reportedly working on a deal that would impose a 15% tariff on most EU goods to the US, following a similar US-Japan agreement.

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