Energy Preview: WTI Crude soars near $70 per barrel

The WTI Crude oil futures hit highest levels in last one month as US President Donald Trump stated that the US may impose additional levies on Russia unless it reached a truce with Ukraine, stoking worries about tighter supplies.Oil jumped around 3% to approch near $70 per barrel mark and currently quotes around $69 per barrel.

Meanwhile, the American Petroleum Institute or API reported an increase in weekly domestic crude inventories. The US crude inventories increased by 1.5 million barrels for the week ended Jul. 25, compared with a draw of 577,000 barrels reported by the API for the previous week.

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