WTI Crude Oil futures moved up impressively after falling to a seven month low amid falling US crude inventories and a recovery in equities. Energy Information Administration's (EIA) stated in its weekly report that crude oil stockpiles in the United States for the week ending August 2 dropped by 3.728 million barrels, compared to a fall of 3.436 million barrels in the previous week. EIA data marked sixth consecutive weekly decrease. Broad supply concerns lingered gloablly, with heightened tensions in the Middle East as Hamas appointed a new leader and Libya's Sharara oil field reduced production due to protests. However, sluggish oil demand from biggest importer China could weigh on the counter after WTI Crude moved near one week high of $78 per barrel.

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