Energy Preview: WTI crude oil seen supported above $72 per barrel mark; set for a weekly gain

WTI crude oil futures are holding to recent gains above $72 per barrel mark on Friday amid uncertainty regarding developments surrounding the Middle East crisis. The US military reportedly unleashed a new wave of strikes against Iran earlier this week in retaliation for Tehran?s attacks on commercial ships in the Strait of Hormuz and Iran also responded by targeting American allies and bombing US military installations across Bahrain and Kuwait. However, further rise in the commodity may be capped as the US Energy Information Administration (EIA) reported a larger-than-expected build in inventories for the week ending July 3, marking the first rise in 11 weeks. Nevertheless, the counter is set to register modest weekly gains and snap a four-week losing streak.

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