Energy Preview: WTI crude oil slips further

WTI crude oil futures slipped further amid concerns about oversupply and US pressure on India to halt Russian oil imports. Oil traders will closely monitor India's response to pressure from the US to stop buying Russian oil. The commodity is heading for the first monthly decline in four and is currently quoting at $64.19 per barrel, down over half a percent on the day. Data released by the US Energy Information Administration (EIA) on Wednesday showed crude inventories declined more than expected last week. Crude oil stockpiles in the US for the week ending August 22 fell 2.392 million barrels, compared to a decline of 6.014 million barrels in the previous week.

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