Oil Down as Investors Digest Surprise Build in US Crude Supplies By Investing.com – Investing.com

SourceInvesting.com
SectorFinancial Markets
CountryGulf

© Reuters.

By Gina Lee

Investing.com – Oil was down Wednesday morning in Asia, with investors digesting a and continuing to assess the impact of surging COVID-19 cases on fuel demand.

were down 0.46% to $69.03 by 1:38 AM ET (5:38 AM GMT) and fell 0.51% to $66.86.

released on Tuesday showed a build of 806,000 barrels for the week ended Jul. 16.

Forecasts prepared by Investing.com had predicted a draw of 4.167 million barrels, while a 4.079-million-barrel draw was recorded during the previous week.

Should the build be confirmed in , due later in the day, it would be the first since May.

Oil has been on a downward trend ever since hitting its highest levels since 2014 earlier in the month. The number of COVID-19 cases involving the Delta variant has soared globally and the Organization of Petroleum Exporting Countries and allies (OPEC+) resolutions of its dispute means increased production from August 2021 onwards.

This led Goldman Sachs Group...read more...