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Market Update: WTI Crude Extends Gains on Sharp US Inventory Draw
WTI crude futures climbed towards $73.5 a barrel on Wednesday, a new high since October 2018 on lower inventories. Stocks of crude oil in the US fell by 7.199 million barrels in the week ended June 18th, following an 8.537 million drop in the previous week, and compared with market expectations of a 3.625 million decline, data from the American Petroleum Institute showed. It was the fifth consecutive week of declines. Meantime, investors continue to digest news that OPEC+ is planning a further gradual increase of oil output from August. The oil market is up around 50% so far this year, as investors are upbeat about fuel demand recovery this summer, with vaccination programs in Europe and the US allowing more people to travel. In addition, talks between world powers and Iran to revive a nuclear deal ended without an agreement. [/s2If]
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