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2021-06-23

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Oil Climbs Above $73 With Report Pointing to Falling Stockpiles

(Bloomberg) -- Oil rose above $73 a barrel after an industry report pointed to another decline in U.

Oil Climbs Above $73 With Report Pointing to Falling Stockpiles

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The American Petroleum Institute reported crude inventories slid by 7.2 million barrels last week, according to people familiar with the data. If confirmed by government figures due later Wednesday, that would be a fifth straight weekly draw, the longest run of declines since January.</p>\n<p>Key consumers including the U.S. and China have seen a strong rebound from Covid-19, boosting fuel demand and helping to drain bloated inventories built up during the pandemic. OPEC+ is scheduled to meet next week to discuss its production policy and some nations, most notably Russia, are considering a potential output increase. 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The American Petroleum Institute reported crude inventories slid by 7.2 million barrels last week, according to people familiar with the data. If confirmed by government figures due later Wednesday, that would be a fifth straight weekly draw, the longest run of declines since January.\nKey consumers including the U.S. and China have seen a strong rebound from Covid-19, boosting fuel demand and helping to drain bloated inventories built up during the pandemic. OPEC+ is scheduled to meet next week to discuss its production policy and some nations, most notably Russia, are considering a potential output increase. 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Oil Climbs Above $73 With Report Pointing to Falling Stockpiles

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