Oil retreats on surprise rise in U.S. stocks, weakening demand outlook – Reuters
- Date: 21-Jul-2021
- Source: Reuters
- Sector:Financial Markets
- Country:Gulf
Oil retreats on surprise rise in U.S. stocks, weakening demand outlook – Reuters
SINGAPORE, July 21 (Reuters) - Oil prices fell on Wednesday after an industry report showed an unexpected build-up in U.S. oil inventories last week, which heightened worries about a resurgence in COVID-19 infections potentially dampening fuel demand.
Brent crude futures fell 52 cents, or 0.8%, to $68.83 a barrel at 0354 GMT, giving up Tuesday's 1.1% gain.
U.S. West Texas Intermediate (WTI) crude futures dropped 50 cents, or 0.7%, to $66.70 a barrel, after rising $1 on Tuesday.
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