Energy Preview: WTI crude oil futures lose momentum after a 2.5% gain

WTI crude oil futures momentum is seen draining this morning following a 2.5% gain yesterday after US President Donald Trump said on Thursday that the US should no longer seek a deal with Iran. Attacks on Saudi energy infrastructure escalated, and shipping disruptions through the Strait of Hormuz threatened global oil flows. However, US crude oil inventories showed a sharp build last week, feeding worries about oversupply, weighing on the counter which is currently quoting at $88.24 per barrel, down half a percent on the day. Brent is also trading lower at $95.47 per barrel. For the week, the WTI counter is set for a decline of nearly 3%.

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