Energy Preview: WTI Crude extends recent losses to break under $70 per barrel

WTI Crude oil futures stayed slippery on Friday as supply concerns eased after more stranded oil tankers exited the Strait of Hormuz. The counter is down nearly 7% this week after rising around 2% in last session. Equities are down heavily in Europe today with major indices sliding around 1%. WTI Crude is currently down around 4% at $69.27 per barrel. With a near 21% decline this month, near term focus is likely to shift to the US supply scenario. Crude oil inventories in the United States decreased by 6.1 million barrels during the week ending June 19, according to data from the US Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 412.1 million barrels, according to government data, which is now 7% below the five-year average for this time of year. An uptick in US GDP figures for first quarter of 2026 clubbed with steady labour markets could cap losses for oil.

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