Energy Preview: WTI crude oil futures plunge under $63 per barrel mark

WTI crude oil futures are extending slide on Friday morning in Asia following an over 2% slump in the previous session. The counter slipped below $62 per barrel mark and is currently down nearly 1% at $61.80 amid concerns over possible softening of US demand and broad oversupply risks. Data during the week by API and EIA showed a rise in US crude oil inventories. Meanwhile, the International Energy Agency (IEA) noted in its monthly report that global oil supply will rise more rapidly than expected this year due to planned output increases by the Organization of the Petroleum Exporting Countries and allies (OPEC+). However, the ongoing geopolitical tensions in Middle East are likely to limit sharp losses in the counter.

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