Oil Edges Up as U.S. Supplies Dwindle and Demand Jumps to Record

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.

Source: Bloomberg

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