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Oil Down, Even as U.S. Fuel Inventory Fall Indicates Demand Surge

CommoditiesJul 08, 2021 10:15PM ET

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Oil Down, Even as U.S. Fuel Inventory Fall Indicates Demand Surge

© Reuters.

By Doris Yu

Investing.com – Oil was down Friday morning in Asia even as data released on Thursday said U.S. fuel inventories fell and demand surged as economic recovery drove consumption.

Brent oil futures fell 0.32% to $73.88 by 10:10 PM ET (2:10 AM GMT) and crude oil WTI futures edged down 0.18% to $72.81.

Crude oil supply data from the U.S. Energy Information Administration (EIA) showed a draw of 6.866 million barrels. Forecasts prepared by Investing.com predicted a 4.033 million-barrel draw, while a 6.718 million-barrel draw was recorded during the previous week. The EIA also said fuel demand surged to 10 million barrels a day in the week before Jul. 4 U.S. holiday.

Meanwhile, crude oil supply data from the American Petroleum Institute released a day before showed a draw of 7.983 million barrels.

After an 11% gain in June, the oil market faces challenges this month amid rising uncertainties for both supply and demand.

The U.S. benchmark is set to post the first weekly decline since the middle of May 2021, with an ongoing dispute between Saudi Arabia and the United Arab Emirates about supply increase and the spread of the COVID-19 Delta variant clouding the market.

The Organization of the Petroleum Exporting Countries and allies (OPEC+) is yet to reach a decision on supply policy and could keep output steady in August, as members may add barrels unilaterally. Meanwhile, fuel consumption rose, driven by economic reopenings in the U.S. and Europe but overshadowed by the spread of the Delta variant.

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Comments (8)

Olayinka Mayowa Jul 09, 2021 12:53AM ET

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is this real?

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Eduff San Jul 09, 2021 12:33AM ET

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What down? Totally fake news. Can you posting the right information in here? ashame you

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Kelly Mayer Jul 09, 2021 12:24AM ET

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This is how much the market is being manipulated. Can't get any more blatant. The OPEC event or lack thereof are bullish for oil, at least in the short term. But irrational fear causes a selloff... They could have prevented if they wanted. Though it's convenient like this. The market wont be allowed to grow any further. If it happens, there will be variants popping out of the blue. Like the new Lambda variant, the Delta successor. Along with c19early.com total censorship.

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Filipe Pereira Jul 08, 2021 11:12PM ET

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hey Doris it should NT go up since OPEP members abandoned deal to cut or contain oil out put pump

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Anurag Dutta Jul 08, 2021 11:10PM ET

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it should Be Up 👍

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Darren Hunt Jul 08, 2021 10:35PM ET

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oil should be up if there is so much demand . *****?

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Bay Creek History Detectives Jul 08, 2021 10:35PM ET

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In the U.S. and Canada.

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Jim Morrison Jul 08, 2021 10:20PM ET

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shut up

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Elvis Durant Jul 08, 2021 10:19PM ET

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manipulation. ha! good one!

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