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Tuesday,13 July 2021 (YJC) _ Oil prices rose more than 1 per cent as tight supply and expectations of a further draw in US and global crude inventories provided support.
Oil prices rose more than 1 per cent on Tuesday, as tight supply and expectations of a further draw in US and global crude inventories provided support.
Brent crude rose $1.18, or 1.6 per cent, to $76.34 a barrel, while US West Texas Intermediate crude rose $1.11, or 1.5 per cent, to $75.21 a barrel.
US crude inventories were expected to have dropped 4.4 million barrels last week, while gasoline stocks were seen 1.8 million barrels lower, according to analysts polled by Reuters ..
The International Energy Agency said the global tapping of oil in storage during the third quarter was set to be the biggest in at least a decade and that early June data from the United States, Europe and Japan showed a large stock draw.
Weighing on oil futures earlier in the session, US consumer prices increased by the most in 13 years in June.
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