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WTI holds near $72 as investors weigh US-Iran signals and OPEC+
WTI was last around $71.75, after EIA data showed a larger-than-expected 2.998 million barrel rise in US commercial crude inventories for the week ending July 3.
WTI steadied during Friday's Asian session, pausing after the prior day's drop as traders digested mixed signals tied to the US and Iran amid continued Middle East tensions, FXStreet said.
The oil price was around the $71.75 area, nearly flat on the day, with market participants monitoring whether President Donald Trump’s comments about ending a ceasefire and subsequent signals about potential de escalation would push risk sentiment higher or lower.
FXStreet added that OPEC+ has decided on another production target increase, which could weigh on crude by increasing supply expectations.
On the US data front, the US Energy Information Administration reported a larger-than-expected build in inventories for the week ending July 3, with commercial crude oil stocks rising by 2.998 million barrels and overshooting analyst forecasts, a backdrop that may cap gains even as WTI is still positioned for modest weekly progress.
Latest closeWTI crude $71.84 ▼2.3%