Singapore — Oil prices fell on Thursday after an unexpected rise in US crude oil inventories and as increasing 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.
“Volatility in energy remains elevated as traders grapple with short-term demand weakness from Delta variant concerns and expectations the crude deficits will last till the end of the year,” said Edward Moya, senior analyst at Oanda. Crude inventories in the US, the world’s top oil consumer, rose unexpectedly by 2.1-million barrels last week to 439.7-million barrels, up for the first time since May, US Energy Information Administration data showed.Still, petrol and distillate inventories posted draws of 121,000 barrels and 1.3-million barrels, respectively, indicating higher demand due to the summer driving season.
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