Oil Rises With Strength in Equities Countering Higher Stockpiles

SourceYahoo News
SectorFinancial Markets
CountryGulf

Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Saket SundriaJuly 20, 2021, 11:01 PM·2 min read1 / 2Oil Renews Decline as U.S. Inventories Expand, Delta SpreadsIn this article: Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.

(Bloomberg) — Oil fell after a surprise build in U.S. stockpiles and as investors weighed the impact on demand from the rapid spread of the delta variant.

West Texas Intermediate retreated 0.4%, resuming declines after an advance on Tuesday.

The American Petroleum Institute was said to report an 806,000 barrel gain in U.S. crude inventories, according to people familiar with the figures. The climb would be first since May, if it is confirmed by the Energy Information Administration later on Wednesday. Ahead of that official release, a Bloomberg survey showed that market watchers expect another drop.

Crude has been thrown into retreat since hitting the highest since 2014 earlier this month as the delta variant surged in parts of Asia, and spread...read more...