Oil prices steady as virus spread counters tight supplies – Reuters

Oil prices steady as virus spread counters tight supplies – Reuters

NEW YORK, July 27 (Reuters) - Oil prices held steady on Tuesday ahead of the release of U.S. inventory data as investors worried that global demand could be dented by surging COVID-19 cases, even though supplies are tightening and vaccination rates rising.

U.S. crude oil, gasoline and distillate inventories fell last week, according to two market sources, citing American Petroleum Institute figures on Tuesday. U.S. crude prices settled slightly lower and pared losses after the API report.

The API data showed crude stocks fell by 4.7 million barrels for the week ended July 23 and gasoline inventories fell by 6.2 million barrels and distillate stocks fell by 1.9 million barrels, according to the sources, who spoke on condition of anonymity.