Oil in Asia fell on Friday morning, according to data released on Thursday. Demand increased as fuel inventories fell and economic recovery led to consumption.
Brent oil futures fell 0.32%. At $73.88, crude oil WTI futures fell 0.18%. $72.81.
The U.S. The Energy Information Administration (EIA) crude oil supply data showed a balance of 6.866 million barrels. Investing.com’s forecasts predict 4.033 million barrels, up from 6.718 million barrels in the previous week. In the week leading up to the July 4 U.S. holiday, fuel demand rose to 10 million barrels a day.
Meanwhile, US Petroleum’s crude oil supply data released a day ago showed a balance of 7.983 million barrels.
After an 11% gain in June, the oil market faces challenges this month amid rising uncertainty for both supply and demand.
From mid-May 2021 the U.S. The benchmark is set to record its first week of a slump, with supply escalation between Saudi Arabia and the United Arab Emirates and continued controversy over cloud cover in the COVID-19 delta variant market.
The Organization of the Petroleum Exporting Countries (OPEC +) has not yet reached a decision on the distribution policy, which could keep the release steady in August, as members could unilaterally add barrels. Meanwhile, fuel consumption rose, driven by economic reopening in the US and Europe, but was overshadowed by the spread of delta variation.
