Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Oil up near $75; sharp U.S. inventory drop counters virus worry

    Oil up near $75; sharp U.S. inventory drop counters virus worry

    July 28, 2021
    Share
    Facebook Twitter LinkedIn WhatsApp
    Crude oil barrels

    New York — Oil rose toward $75 a barrel on Wednesday after data showed U.S. crude inventories fell more sharply than analysts had forecast, bringing the market’s focus back to tight supplies rather than rising coronavirus infections.

    Crude inventories fell by 4.1 million barrels in the week to July 23, the U.S. Energy Information Administration said. Gasoline and distillate fuel stocks also dropped.

    “A rebound in implied demand for both gasoline and distillates, as well as lower refinery runs, has encouraged decent inventory draws for both,” said Matt Smith, director of commodity research at ClipperData.

    Brent crude rose 36 cents, or 0.5%, to $74.84 a barrel at 1:40 p.m. EDT (1740 GMT), after posting on Tuesday its first decline in six days. U.S. West Texas Intermediate (WTI) crude advanced 69 cents, or 1%, to $72.34.

    Oil has risen 45% this year, helped by demand recovery and supply curbs by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+.

    OPEC+ agreed to increase supply by 400,000 barrels per day from August, unwinding more of last year’s record supply cut, but this is seen as too low by some analysts given the rebound in demand expected this year.

    A rising number of coronavirus cases worldwide, despite vaccination programs, has limited the upside for oil and remains a concern. read more

    A statement from a U.S. Federal Reserve policy meeting due at 1800 GMT is also in focus for investors. The dollar was firmer ahead of the meeting, pressuring oil as it makes crude more expensive for other currency holders.

    “We will be looking at today’s Fed comments later in the day to provide more significant support as we anticipate additional indications of loose monetary policy,” said Jim Ritterbusch, president of Ritterbusch and Associates LLP in Galena, Illinois.

    – Reuters (Additional reporting by Alex Lawler in London, Sonali Paul in Melbourne and Koustav Samanta in Singapore; editing by Carmel Crimmins, Jason Neely, David Evans and David Gregorio)

    Follow us on twitter

    Related News

    Oil prices rally as United States sanctions on Venezuela ease supply worries

    Oil prices climb to 2-month high on US-China trade deal, worries about Iran supply

    Nigeria partners Brazil to develop methanol complex 

    Nigeria says divestment paying off as oil output rises

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    Oil prices climb to 2-month high on US-China trade deal, worries about Iran supply

    June 11, 2025

    Kenya central bank lowers 2026 growth forecast to 5.4%

    June 11, 2025

    Nigeria partners Brazil to develop methanol complex 

    June 11, 2025

    FG to train 100,000 youths annually in forex trading

    June 11, 2025

    China, Africa ask US to return to ‘right track’ on trade differences

    June 11, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.