Oil prices mixed as U.S. inventories draw offset by OPEC+ standoff Oil prices were mixed on Friday after a boost from a drop in U.S. crude and gasolin
9 Jul 2021 | Economic News
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Oil prices mixed as U.S. inventories draw offset by OPEC+ standoff
Oil prices were mixed on Friday after a boost from a drop in U.S. crude and gasoline inventories, but were still set for a weekly decline on concerns that an OPEC+ impasse could swell global crude supplies.
Brent crude oil futures were down 9 cents, or 0.1%, at $74.03 a barrel by 0140 GMT. U.S. West Texas Intermediate futures were up 1 cent at $72.95 a barrel.
Both benchmarks were headed for a loss of nearly 3% for the week, as traders remained worried that the collapse of talks between the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, could lead to a rise in crude supplies.
U.S. crude and gasoline stocks fell and gasoline demand reached its highest since 2019, the U.S. Energy Information Administration said on Thursday, signaling increasing strength in the U.S. economy.
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