Oil prices climb as U.S. reports rapidly declining crude stockpiles

By Jill R. Shah on 7/8/2021

(Bloomberg) --Oil rebounded after a U.S. government report showed rapidly declining inventories and record-high fuel demand in the midst of the peak summer travel season.

Futures edged up after earlier falling as much as 2% in New York on Thursday. Domestic crude supplies tumbled by nearly 7 million barrels last week and gasoline supplies slid by the most March, according to an Energy Information Administration report. A gauge of fuel demand soared to 10 million barrels a day.

West Texas Intermediate crude futures for August delivery rose 5 cents to $72.25 a barrel at 11:06 a.m. in New York. Brent for September settlement advanced 10 cents to $73.53 a barrel on the London-based ICE Futures Europe exchange.

Prices have been volatile in recent days, following an ongoing impasse among members of the OPEC+ alliance over production hikes. Meanwhile, the World Health Organization has urged caution on reopenings worldwide as the delta variant spreads.

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  • The world’s largest oil company, Saudi Aramco, is planning to raise tens of billions of dollars by selling more stakes in its businesses.
  • European skies may be filling up with planes again, but the oil refiners who make jet fuel for them aren’t seeing the same recovery.

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