Oil prices fall after unexpected rise in U.S. crude oil stocks

📆 2021-07-22 3:40 AM
📰 Reuters

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Oil prices fell on Thursday after an unexpected rise in U.S. crude oil inventories and as rising COVID-19 infections threaten demand, but prices held on to most of their gains from the previous session on expectations that supplies will remain tight through year-end.

Brent crude fell 32 cents, or 0.4%, to $71.91 a barrel at 0347 GMT, after rising 4.2% in the previous session. U.S. West Texas Intermediate crude fell 27 cents, or 0.4%, to $70.03 a barrel, after rising 4.6% on Wednesday.

"Oil will struggle to recoup all of its losses until the trend of new curbs or restrictions starts to ease across Southeast Asia, Australia, and Europe," he said.

Write Comment

Nobody wants oil anymore

this is terrible news

yeah, maybe 2 cents. still up 33% or more since trump left office DURING A PANDEMIC

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