Commodity

WTI crude oil futures extend slide and is all set for a weekly drop of over 5%. The counter is currently quoting at $63.73 per barrel, amid potential US-Russia talks, raising expectations for a diplomatic end to the war in Ukraine. Possible US-Russia talks regarding the Ukraine conflict have tempered concerns about supply disruptions, which weigh on the WTI price. Meanwhile, the Organization of Petroleum Exporting Countries and allies (OPEC+) met last weekend, agreeing to boost oil production by 547K barrels per day (bps) for September. A bigger-than-expected draw in US crude inventories last week however limited losses in oil prices. The US Energy Information Administration (EIA) Crude Oil Stockpiles report showed crude oil stockpiles in the US for the week ending August 1 fell by 3.029 million barrels, compared to a rise of 7.698 million barrels in the previous week

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