Weekly Crude Oil Review: WTI futures slide to two-week low, US supplies in focus

WTI crude oil futures hit around a one-month high but flipped back and approached two-week low of $62 per barrel. Prices had edged up on concerns over supply disruptions increased following strikes on Russian energy sites by Ukraine in the ongoing Russia-Ukraine war. However, prices turned lower after US crude inventories rose by 2.4 million barrels last week, including the largest Cushing build since March. Demand concerns also linger amid slowing US growth, fading summer fuel consumption, and trade tariff risks. Energy Information Administration or EIA stated that the US crude oil imports averaged 6.7 million barrels per day last week, increasing by 508 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 4.4% more than the same four-week period last year. This pick up in oil imports could support prices in near term.

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