Oil nears $75 as U.S. inventory drop counters virus concerns
29 Jul 2021 | Economic News
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Oil nears $75 as U.S. inventory drop counters virus concerns
Oil rose toward $75 a barrel on Wednesday after data showed U.S. crude inventories fell more sharply than analysts had forecast, bringing the market’s focus back to tight supplies rather than rising coronavirus infections.
Crude inventories fell by 4.1 million barrels in the week to July 23, the U.S. Energy Information Administration said. Gasoline and distillate fuel stocks also dropped.
Brent crude advanced 26 cents, or 0.35%, to settle at $74.74 per barrel, after posting on Tuesday its first decline in six days. U.S. West Texas Intermediate (WTI) crude settled 74 cents, or 1%, higher at $72.39 per barrel.
Oil has risen 45% this year, helped by demand recovery and supply curbs by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+.
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