{"id":131904,"date":"2021-07-13T01:24:21","date_gmt":"2021-07-13T01:24:21","guid":{"rendered":"https:\/\/precoinnews.com\/?p=131904"},"modified":"2021-07-13T01:24:21","modified_gmt":"2021-07-13T01:24:21","slug":"oil-rises-on-expectations-of-u-s-crude-stocks-falling","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/oil-rises-on-expectations-of-u-s-crude-stocks-falling\/","title":{"rendered":"Oil rises on expectations of U.S. crude stocks falling"},"content":{"rendered":"

TOKYO (Reuters) – Oil rose on Tuesday, recovering from the previous day\u2019s drop, as expectations of further declines in U.S. crude inventories outweighed fears that spreading COVID-19 variants could derail a global economic recovery.<\/p>

FILE PHOTO: The suspension of steam generation forces this East Primrose steam plant to flare natural gas at Canadian Natural Resources Limited’s (CNRL) Primrose Lake oil sands project near Cold Lake, Alberta August 8, 2013. REUTERS\/Dan Riedlhuber<\/figcaption>

Brent crude for September climbed 25 cents, or 0.3%, to $75.41 a barrel by 0036 GMT, after losing 0.5% on Monday. U.S. West Texas Intermediate crude for August was at $74.33 a barrel, up 23 cents, or 0.3%, having fallen 0.6% the previous day.<\/p>\n

\u201cOptimism about tight supply and declining U.S. crude stockpiles lent support,\u201d said Toshitaka Tazawa, an analyst at commodities broker Fujitomi Co, adding that bullish global equities also helped boost risk appetite among investors.<\/p>\n

\u201cStill, growing concerns over a spike in COVID-19 infection cases worldwide and uncertainty over production plans by OPEC+ will likely limit gains,\u201d he added.<\/p>\n

U.S. crude inventories were expected to fall for an eighth consecutive week, while gasoline stocks also declined, a preliminary Reuters poll showed on Monday.<\/p>\n

Crude stockpiles have declined steadily for several weeks, with U.S. inventories falling to the lowest since February 2020 in the week to July 2.<\/p>\n

Underpinning market sentiment, a gauge of global stocks closed at a record on Monday as investors looked for signs on whether the Delta variant of the COVID-19 coronavirus could hamper economic growth.<\/p>\n

Still, reports from around the globe of surging infections kept some investors cautious.<\/p>\n

The World Health Organization warned the Delta variant was becoming dominant and many countries had yet to receive enough doses of vaccine to secure their health workers.<\/p>\n

Meanwhile, OPEC+ is yet to make progress closing divisions between Saudi Arabia and the United Arab Emirates that last week prevented a deal to raise oil output, making another policy meeting this week less likely, OPEC+ sources said.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

TOKYO (Reuters) – Oil rose on Tuesday,<\/p>\n","protected":false},"author":3,"featured_media":131903,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nOil rises on expectations of U.S. crude stocks falling - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/oil-rises-on-expectations-of-u-s-crude-stocks-falling\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil rises on expectations of U.S. crude stocks falling - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"TOKYO (Reuters) – Oil rose on Tuesday,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/oil-rises-on-expectations-of-u-s-crude-stocks-falling\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-13T01:24:21+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/07\/Oil-rises-on-expectations-of-U.S.-crude-stocks-falling.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/oil-rises-on-expectations-of-u-s-crude-stocks-falling\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/oil-rises-on-expectations-of-u-s-crude-stocks-falling\/\",\"name\":\"Oil rises on expectations of U.S. crude stocks falling - 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