Oil gains as demand recovery seen tightening supply – Reuters

Oil gains as demand recovery seen tightening supply – Reuters

NEW YORK, July 22 (Reuters) - Oil prices inched up on Thursday, extending gains made in previous sessions on expectations of tighter supplies through2021 as economies recover from the coronavirus crisis.

Brent crude gained 50 cents to $72.73 a barrel by 11:10 a.m. EDT (1510 GMT), after rising 4.2% in the previous session. U.S. West Texas Intermediate (WTI) crude added 40 cents to $70.70 a barrel, after gaining 4.6% on Wednesday.

"Some soft spots have emerged in the oil demand recovery, but this is unlikely to change the outlook fundamentally," Morgan Stanley said in a note.