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Energy Preview: WTI crude oil set for a weekly decline of over 5%
02-May-2025 08:47

WTI crude oil futures rebounded well in early Asia on Friday following a sharp decline below $60 per barrel mark during the week. The counter is currently quoting at $59.79 per barrel, up almost 1% on the day but is set for a weekly decline of over 5%. Optimism over a possible easing of tensions between the US and China are seen supporting the commodity. WTI crude slipped to as much as $56.39 during the week weighed down by concerns over a potential supply increase from Saudi-led OPEC+ and weakening global demand amid ongoing trade tensions. However, larger-than-expected drawdown in US crude inventories provided some support. Crude oil inventories in the United States saw a decline of 2.7 million barrels during the week ending April 25, according to new data from the U.S. Energy Information Administration released on Wednesday.

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