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Energy Preview: WTI crude oil holds above $73 per barrel mark
20-Jun-2025 09:07

WTI crude oil is seen struggling in early Asia although the counter has come of its 5-month high attained last week. Persistent geopolitical tensions in the Middle East are keeping the counter supported although momentum is seen weak. US President Donald Trump reportedly announced that he will decide on US involvement in the Israel'Iran conflict within two weeks. However, any signs of escalating tensions amid Israel-Iran turmoil could provide a temporary boost to the commodity. Meanwhile, in its monthly oil report on Tuesday, the International Energy Agency (EIA) revised its world oil demand estimate downwards by 20,000 barrels per day from last month's forecast and increased the supply estimate by 200,000 bpd to 1.8 million bpd. Currently, oil futures are seen quoting at $73.67 per barrel.

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