Weekly Crude Oil Review: WTI futures extend losses under $70 per barrel
Mumbai, June 27 -- WTI Crude oil futures stayed slippery, falling under $70 per barrel to test four-month lows as supply concerns eased after more stranded oil tankers exited the Strait of Hormuz. The counter lost nearly 7% this week. With a near 21% decline this month, near term focus is likely to shift to the US supply scenario. Crude oil inventories in the United States decreased by 6.1 million barrels during the week ending June 19, according to data from the US Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 412.1 million barrels, according to government data, which is now 7% below the five-year average for this time of year. An uptick in US GDP figures for first quarter of 20...
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