Weekly Crude Oil Review: WTI futures see sustained gains, test $67 per barrel

WTI crude oil futures rose above $67 per barrel on 20th February as a bullish trajectory stayed in place for the commodity. Sentiments were supported by a sharp fall in US crude inventories and rising geopolitical tensions. President Donald Trump said a decision on a potential nuclear agreement with Iran could be made within the next 10 days, while the US expanded its military presence in the Middle East, increasing concerns over possible supply disruptions. Markets are particularly focused on the risk of restricted oil flows through the Strait of Hormuz, a key route for global crude exports. Adding to bullish sentiment, government data showed US crude inventories fell by 9 million barrels last week to 419.8 million barrels, around 5% below the five-year average. Data also showed that the US motor gasoline decreased by 3.2 million barrels after gaining 1.2 million barrels in the week prior. Oil hit around as six- and half-month highs and closed the week with a 5.50% spike. MCX Crude oil futures followed the global cues and edged up above Rs 6100 per barrel before easing.

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