Oil rises on inventory drawdowns

Oil rises on inventory drawdowns


Reuters July 30, 2021

LONDON:

Oil prices rose on Thursday as crude stockpiles in the United States, the world’s top oil consumer, fell to their lowest since January 2020, with Brent crude oil prices pushing back above $75 a barrel. Brent crude oil futures were up 45 cents, or 0.6%, at $75.19 a barrel, having traded as high as $75.55. US West Texas Intermediate (WTI) crude oil futures were up 56 cents, or 0.8%, to $72.95 a barrel. Brent topped $75 a barrel for the first time in more than two years in June, but fell back sharply this month on fears about the rapid spread of the Delta variant of coronavirus and a compromise deal by leading oil producers to increase supply.

Published in The Express Tribune, July 30th, 2021.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.

COMMENTS

Replying to X

Comments are moderated and generally will be posted if they are on-topic and not abusive.

For more information, please see our Comments FAQ