Oil rises a second day as stockpiles fall, supply tightens
Oil prices on Wednesday extended the previous day's small gains after an industry report showed U.S. crude stockpiles fell last week, overriding trader and investor concerns about transportation curbs in some countries as COVID-19 cases surge.
Brent crude was up 25 cents, or 0.3% at $75.01 a barrel by 0655 GMT, after edging higher on Tuesday. U.S. crude was up 41 cents, or 0.6% at $73.39 a barrel, having risen 0.1% in the previous session.
While the highly contagious Delta variant of the coronavirus is taking hold in many countries, prompting new lockdowns or movement restrictions from Australia to Portugal, hopes of a broader recovery in demand for fuel remained intact.
Reference: Reuters
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