Weekly Crude Oil Review: WTI futures up 3% as break above $70 per barrel holds

WTI Crude oil futures spiked to two-week high above $76 per barrel but eased thereafter as investors looked for more clarity on the US-Iran war. The commodity added around 3% this week. Oil had tumbled heavily as a ceasefire between the United States and Iran that took hold on June 22 helped reopen the Strait of Hormuz. However, the US President Trump told the NATO summit in Ankara that the ceasefire was effectively over, boosting oil prices above $70 per barrel in a flash. Attention will likely shift to the US supply scenario now. Crude oil inventories in the United States saw an increase of 3.0 million barrels during the week ending July 3, according to data from the US Energy Information Administration (EIA). The increase brings commercial stockpiles to 411.4 million barrels, according to government data, which are now 6% below the five-year average for this time of year. MCX Crude oil futures extended an upmove after testing lows near Rs 6500 per barrel.

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