Sunday, July 25, 2021

Oil prices rise more than 1.5 per cent after industry data shows U.S. inventories decline more than expected

Oil prices today rose more than one and half per cent after industry data showed U.S. inventories declined more than expected and OPEC raised its outlook for oil demand. Gains were capped by worries about the Coronavirus and by rising supplies. Crude prices rose on strong Chinese import data but the rally was capped by concerns that pauses on the Johnson & Johnson vaccine could delay economic recovery and limit oil demand growth.

In intra-day trade, Brent crude prices were trading around USD 64.80 per barrel while WTI crude prices were around USD 61.20 per barrel.

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