Energy Preview: WTI crude oil set for weekly drop of over 2%

WTI crude oil futures saw a mild rebound on Friday morning in Asia after a sharp tumble all through the week. The commodity lost ground under $60 per barrel mark and is set for a weekly loss of over 2%. Data released by the US Energy Information Administration (EIA) on Wednesday showed that crude oil stockpiles in the US for the week ending October 31 climbed by 5.202 million barrels compared to a fall of 6.858 million barrels in the previous week. The American Petroleum Institute (API) also revealed that the US crude oil inventories increased by 6.5 million barrels for the week ending October 31 following a 4 million barrel draw in the previous week. The counter is currently seen quoting at $59.63 per barrel, up 0.34% on the day.

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