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WTI extends pullback below $73 00 following downbeat API stockpiles, EIA data eyed

6/22/2021 10:44:09 PM GMT | By Anil Panchal WTI remains on the back foot for second consecutive day. OPEC+ signals to increase production joins softer API inventory draw to probe bulls. Growth prospects battle US-Iran tussles, covid woes to weigh on energy prices. US PMIs, EIA Crude Oil Stocks Change will be important. WTI prices remain lackluster, following the latest pullback, around $72.70, down 0.30% intraday, amid the early Asian session on Wednesday. The chatters over the OPEC+ discussion on output increase and higher-than-previous readings of private inventory data could be cited as the key catalysts for the black gold’s recent weakness. As per the latest Weekly Crude Oil Stocks data from the American Petroleum Institute (API), for the period ended on June 18, inventories dropped 7.20 million barrels versus the previous draw of 8.54 million barrels.

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