Energy Preview: WTI crude oil loses momentum amid easing geopolitical tensions in the Middle East

WTI Crude oil futures eased from one and a half week high following a plunge of over 1.5% yesterday amid easing geopolitical tensions in the Middle East. Israel has reportedly begun implementing a ceasefire deal in Gaza after it reached an agreement with Hamas for the release of all the hostages it holds. Meanwhile, rising US inventories are seen capping advances for the commodity. Crude oil inventories in the United States rose by 3.7 million barrels to 420.3 million barrels during the week ending October 3, after gaining 1.8 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. This weighed on the sentiments and WTI Crude oil futures are currently trading at $61.49 per barrel, marginally lower on the day.

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