Energy Preview: WTI crude oil builds further gains after yesterday?s 3% surge

WTI crude oil futures are extending gains following an over 3% surge in the previous session amid rising geopolitical risks and supply disruption worries. Moreover, oil prices rose after US government data showed that oil inventories shrunk more than expected, by 3.8 million barrels in the week to January 2. This marked the largest decrease since late October. Dollar index hovering around a one month high ahead of crucial US jobs reports for further clarity on Fed stance this year is however capping upside in the commodity. Currently, the counter is quoting at $58.07, up half a percent on the day.

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