WTI Crude oil futures are lingering around $102 per barrel in Asia but mild selling pressure as Asian equities turned lower. The US SPR related decline has already taken a hit on the sentiments but it seems to have gotten over now after prices bottomed out around two week low. Oil market also tracked the American Petroleum Institutes (API) latest data showing a build for crude oil of 1.080 million barrels. The US crude inventories have shed some 79 million barrels since the start of 2021 and about 22 million barrels since the start of 2020. The EIA data release will now be in focus.
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