Energy Preview: Crude bounces on sustained supply worries

Crude oil futures spiked on renewed hostilities in the Middle East and falling US inventories. WTI crude spiked more than 4% in last session but prices eased in Asia on weak equities to trade at $83.50 per barrel. Meanwhile, the crude oil inventories in the United States saw a decline of 7.2 million barrels during the week ending July 24, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 404.5 million barrels, according to government data, which are now 7% below the five-year average for this time of year. MCX Crude oil futures surged above Rs 8100 per barrel in last session.

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