Oil prices rose on Thursday as crude stockpiles in the United States, the world’s top oil consumer, fell to their lowest since January 2020, with Brent crude oil prices pushing back above $75 a barrel. Crude inventories fell by 4.1 million barrels in the week to July 23, the U.S. Energy Information Administration (EIA) said, helped by lower imports and a decline in weekly production.
The inventory fall suggests that the Delta variance of the Covid-19 is having little impact on mobility, and the demand for crude oil across all industries remained high. The U.S. economic recovery is still on track despite the rise in coronavirus infections, the U.S. Federal Reserve said on Wednesday in a policy statement that flagged ongoing talks around the eventual withdrawal of monetary policy support. With the current trajectory, the crude oil price might keep rising for the foreseeable future until OPEC+ takes another action.
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