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2021-07-09

Oil prices firm as U.S. inventories decline

LONDON (Reuters) - Oil prices rose for a second day on Friday as data showed a draw in U.S. inventor

Oil prices firm as U.S. inventories decline

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U.S. West Texas Intermediate futures were up 69 cents, or 1%, at $73.63.</p>\n<p>Prices on both sides of the Atlantic were on track for a weekly loss of nearly 2%, dragged down by the collapse of output talks between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together known as OPEC+.</p>\n<p>U.S. crude and gasoline stocks fell and gasoline demand reached its highest since 2019, the U.S. Energy Information Administration said on Thursday, signalling increasing strength in the economy.</p>\n<p>“A bullish EIA stock report helped the oil market rebound into the black,” said Stephen Brennock of oil broker PVM.</p>\n<p>“Clearly, U.S. oil markets are tight. 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