Oil prices rise ahead of US inventory data

28/07/2021 Argaam

Oil rigs

Oil prices rose on Wednesday ahead of data on US crude inventories and amid latest developments on coronavirus cases.

 

The international benchmark Brent crude was trading up 0.5% at $74.85 per barrel, at 9.00 am Makkah time.

 

WTI crude rose 0.7% to $72.12 per barrel.

 

The biggest risk to oil prices is still the delta variant, with many countries still coming to terms with their outbreaks, said Suvro Sarkar, energy sector lead for group research at DBS Bank.

 

US and Europe demand should continue to support prices for the moment, he added.

 

Data from the American Petroleum Institute (API) industry group showed US crude stocks fell by 4.7 million barrels in the week ending July 23.

 

Official data on US crude inventories is expected later today from the Energy Information Administration (EIA).

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