Oil Steady After Rally With Report Pointing to Easing Stockpiles By Bloomberg – Investing.com
- Date: 25-Aug-2021
- Source: Investing.com
- Sector:Financial Markets
- Country:Gulf
Oil Steady After Rally With Report Pointing to Easing Stockpiles By Bloomberg – Investing.com
(Bloomberg) -- Oil steadied after a two-day advance with an industry report pointing to shrinking and fuel stockpiles, adding to positive signs for a market still grappling with the latest Covid-19 resurgence.
Futures in New York traded above $67 a barrel after rising more than 8% over the previous two sessions. The American Petroleum Institute reported crude inventories slid by 1.62 million barrels last week, according to people familiar with the data. That would be a third weekly draw if confirmed by government figures later Wednesday. Gasoline supplies also fell, the API said.
Oil’s red-hot rally over the first half of the year has been interrupted by the fast-spreading delta variant of the virus, although banks including Goldman Sachs Group Inc (NYSE:). and UBS Group AG (SIX:) see prices recovering through the end of 2021 as the market tightens. Investors will be keenly watching for any change to OPEC+ output policy when the group meets Sept. 1.
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