Energy Preview: WTI crude oil gains momentum amid flaring US-Iran tensions; Up almost 1% in early Asia

WTI crude oil futures regained momentum on Wednesday morning in Asia tracking renewed tensions between US and Iran. US President Donald Trump reportedly continued to threaten Iran with possible military attacks if Tehran does not accede to his demands on issues ranging from nuclear enrichment to ballistic missiles. Meanwhile, US crude oil inventories rose last week, which could cap gains in the counter. According to the American Petroleum Institute (API) weekly report, crude oil stockpiles in the US for the week ending February 6 climbed by 13.4 million barrels, compared to a fall of 11.1 million barrels in the previous week. Currently, the counter is quoting at $$64.49 per barrel, up almost 1% on the day.

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