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.

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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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