27-Jul-2024 13:13

WTI crude oil was seen attempting a recovery from around one and half month low but sentiments remained fragile and prices stayed near $76 per barrel mark. A strong US Gross Domestic Product (GDP) print raised hopes for increasing demand in the world's largest fuel consumer. Latest data showed that the US economy grew at an annualized rate of 2.8%, exceeding the 2% forecast. However, concerns over sluggish growth in China continue to weigh. Oil could see some stabilization after the recent tumble as the commodity has shed more than 6% in July so far. Meanwhile, the US crude oil inventories continued to fall. The US Energy Information Administration reported an inventory decline of 3.7 million barrels for the week to July 19. This compared with an inventory draw of 4.9 million barrels estimated by the EIA for the previous week. In fuels, the EIA reported more draws. Gasoline stocks shed 5.6 million barrels in the week to July 19, with production averaging 10.2 million barrels daily. This compared with a build of 3.3 million barrels for the previous week.

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