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Oil slips but heads for steady week on supply tightness Oil prices trimmed overnight gains on Friday but were poised to end the week largely steady after rebounding from a sharp drop, underpinned by expectations supply will remain tight as demand recovers.
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23 Jul 2021 10:35AM Share this content
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MELBOURNE: Oil prices trimmed overnight gains on Friday but were poised to end the week largely steady after rebounding from a sharp drop, underpinned by expectations supply will remain tight as demand recovers.
Oil slumps but heads for steady week on supply tightness as demand recovers
US West Texas Intermediate (WTI) crude futures fell 8 cents, or 0.1%, to $71.83 a barrel, following a 2.3% gain on Thursday. WTI was set to end the week flat. We continue to see oil prices tracking higher in H2 2021 as oil demand growth outpaces supply growth (Source: Reuters) Reuters
Updated Jul 23, 2021, 9:06 AM IST
Oil prices trimmed overnight gains on Friday but were poised to end the week largely steady after rebounding from a sharp drop, underpinned by expectations supply will remain tight as demand recovers.
Brent crude futures fell 7 cents, or 0.1%, to $73.72 a barrel at 0147 GMT, after jumping 2.2% on Thursday. For the week, Brent was headed for a 0.1% gain.
By Sonali Paul MELBOURNE (Reuters) - Oil prices trimmed overnight gains on Friday but were poised to end the week largely steady after rebounding from a sharp drop, underpinned by expectations supply will remain tight as demand recovers. Brent crude futures fell 7 cents, or 0.1%, to $73.72 a barrel at 0147 GMT, after jumping 2.2% on Thursday. For the week, Brent was headed for a 0.1% gain. U.S. West Texas Intermediate (WTI) crude futures fell 8 cents, or 0.1%, to $71.83 a barrel, following a 2.3% gain on Thursday. WTI was set to end the week flat. Demand growth is expected to outpace new supply, following the agreement by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, to add back 400,000 barrels per day each month from August through December.
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