Crude Oil Futures Rebound, Settle Higher Despite suffering a setback after a modest uptick at the start, crude oil futures rebounded and settled notably higher on Tuesday, even as traders continued to remain concerned about the outlook for energy demand and possible oversupply in the market.
Surging coronavirus cases and news about some countries resorting to fresh lockdown measures, and the decision of the Organization of the Petroleum Exporting Countries and its allies to increase output from August had pushed down oil prices sharply on Monday.
West Texas Intermediate Crude oil futures for September, the new front month contract, ended up by $0.85 or about 1.3% at $67.20 a barrel.
Publishing date: Jul 20, 2021 • 18 hours ago • 2 minute read •
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SINGAPORE Oil prices fell on Wednesday after an industry report showed an unexpected build-up in U.S. oil inventories last week, which heightened worries about a resurgence in COVID-19 infections potentially dampening fuel demand.
Brent crude futures fell 52 cents, or 0.8%, to $68.83 a barrel at 0354 GMT, giving up Tuesday’s 1.1% gain.
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U.S. West Texas Intermediate (WTI) crude futures dropped 50 cents, or 0.7%, to $66.70 a barrel, after rising $1 on Tuesday.
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The United Nations Educational, Scientific and Cultural Organisation controls World Heritage listings and the 21 countries currently on its World Heritage Committee voted in June to back a draft ruling that the reef was in danger of losing its World Heritage status due to concerns over water quality and the impacts of climate change.
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A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. Picture taken May 16, 2017. REUTERS/Stringer/File Photo
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LONDON, July 21 (Reuters) - Oil prices rose on Wednesday, extending gains from the previous session as improved risk appetite provided support despitedata showing an unexpected rise in U.S. oil inventories last week and a weaker demand outlook due to rising COVID-19 infections.
Brent crude futures gained 84 cents, or 1.2%, to $70.19 a barrel at 0840 GMT, having hit a session low of $68.63 a barrel.
U.S. West Texas Intermediate (WTI) crude futures rose by 84 cents, or 1.3%, to $68.04 a barrel, after falling to $66.44 a barrel earlier on Wednesday.