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Futures in New York rose 0.5% to top $73 a barrel, and are up more than 50% this year. The American Petroleum Institute reported an 8.15 million-barrel weekly decline in U.S. crude stockpiles, according to people familiar with the data, which added to positive sentiment. WTI is $74.00; Brent is $75.50  Source: Bloomberg.com - By: Elizabeth Low and Alex Longley - Image: Bartek Sadowski
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Oil fell as a coronavirus resurgence raised concerns about demand ahead of an OPEC+ meeting this week that could see the alliance boost some halted output. The infectious delta variant of the virus has resulted in a spike in U.K. cases and is taking a toll on mobility in some parts of Asia. While the crude market has tightened, the latest flare-up could play a part when OPEC+ gathers Thursday to decide on output levels in August. WTI Crude is $72.50; Brent is $74.44  Source: Bloomberg.com - By: Jill R Shah - Image: David Paul Morris Crude oil is trading steadily, with market participants expecting OPEC+ to keep supplies tight enough to support current levels. With virus uncertainties due to the highly contagious delta strain and questions about an Iran nuclear deal hanging over the market, the group may opt for caution. WTI is $73.97; Brent is $76.01  Source: Bloomberg.com - By: Jill R Shah - Image: Andrey Rudakov Futures have increased by 2.3% in New York this week, while global benchmark Brent is at the highest level since October 2018. Prices are drawing support from expectations that the OPEC+ alliance led by Saudi Arabia and Russia -- which meets on July 1 -- won’t revive production fast enough to prevent markets from tightening. WTI is $73.43;Brent is $75.74  Source: Bloomberg.com - By: Jill R Shah - Image: David Paul Morris Gasoline inventories in the U.S. unexpectedly fell last week, while nationwide crude supplies dropped for a fifth week, the longest run since January. Chinese stockpiles have also shrunk to the lowest this year, with the market tightening as key consumers rebound from Covid-19. WTI is $72.99; Brent is $75.12  Source: Bloomberg.com - By: Grant Smith and Rakteem Katakey - Image: Alex Kraus |
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