Oil Down Over EIA Confirmation of US Crude Draw, Tight Supply Hopes Curb Losses By Investing.com – Investing.com

SectorOil & Gas

© Reuters.

By Gina Lee

Investing.com – Oil was down Thursday morning in Asia, as the U.S. Energy Information Administration (EIA) confirmed a surprise draw in U.S.

crude oil supplies and soaring COVID-19 cases globally dampen the fuel demand outlook. However, the black liquid held on to most of its gains from the previous session over expectations that supplies will remain tight through the end of 2021.

gained 0.50% to $71.87 by 12:56 AM ET (4:56 AM GMT) after gaining 4.2% during the previous session. were up 0.47% to $69.97 after rising 4.6% on Wednesday.

U.S. released on Wednesday showed a . Forecasts prepared by Investing.com had predicted a draw of 4.466 million barrels, while a 7.897-million-barrel build was recorded for the previous week.

released the day before showed a build of 806,000 barrels.

“Volatility in energy remains elevated as traders grapple with short-term demand weakness from COVID-19 Delta variant concerns and expectations the crude deficits will last till the end...read more...