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Energy Preview: WTI crude oil stays supported above $60 per barrel mark; Set for weekly gain of around 3%
09-May-2025 09:04

WTI crude oil futures are staying elevated above $60 mark and climbed to a one-week high, supported by improving trade talks between US and China. Besides, falling US inventories are also keeping the commodity supported. The American Petroleum Institute (API) reported that US crude stockpiles fell by 4.49 million barrels for the week ending May 3, far exceeding the expected 2.5 million barrel draw. This followed a surprise 3.76 million barrel build the previous week. Meanwhile, official data from the US Energy Information Administration (EIA) released on Wednesday showed a 2.03 million barrel decline, although slightly below consensus forecasts. Currently, the counter is quoting at $60.08 per barrel, up 0.28% on the day and set for a weekly gain of around 3%.

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