Oil Holds Above $73 as Shrinking US Stockpiles Tighten Market By Bloomberg – Investing.com
- Date: 24-Jun-2021
- Source: Investing.com
- Sector:Financial Markets
- Country:Gulf
Oil Holds Above $73 as Shrinking US Stockpiles Tighten Market By Bloomberg – Investing.com
(Bloomberg) -- Oil held above $73 a barrel as shrinking and fuel stockpiles added to bullish sentiment around the global demand recovery.
Futures in New York were steady after rising 0.3% on Wednesday. Gasoline inventories unexpectedly slipped last week, while crude stockpiles fell for a fifth week, the longest run since January. The declines add to a tightening market as North America, China and parts of Europe rebound from Covid-19.
The recovery has accelerated as vaccinations are rolled out worldwide, boosting fuel consumption and helping to drain stockpiles that were built up during the height of the pandemic. The OPEC+ alliance is scheduled to meet at the end of next week to discuss its production policy for August and some nations are considering backing an output increase.
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