Energy Preview: WTI crude oil futures recover from 3-week low

WTI crude oil futures are seen recovering from a three week low and quoting at $62.60 per barrel, up more than half a percent on the day. The commodity is seen edging higher after the Organization of Petroleum Exporting Countries and its allies (OPEC+) decided to slow the pace of production hikes compared to previous months. Besides, expectations of a tighter supply due to potential new US sanctions on Russia provide some support to the WTI price. Ukrainian officials reportedly said on Sunday that Russia carried out its largest air attack of the war on Ukraine. For the week, API and EIA crude oil stock report will be watched for further cues.

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