World oil prices on the morning of July 13 recovered from the previous closing drop, when it was expected that US crude inventories would decrease further.
Brent crude for September delivery rose 25 cents, or 0.3%, to $75.41 a barrel, after falling 0.5% on Monday (July 12). US crude for August delivery was at $74.33 a barrel, up 23 cents, or 0.3%, down 0.6% the previous day.
“Optimism about tight supply and a drop in US crude inventories is positive news for investors,” said Toshitaka Tazawa, an analyst at commodity brokerage Fujitomi Co.
“However, growing concerns about a spike in COVID-19 cases worldwide and uncertainty over OPEC+ production plans are likely to limit the level of production,” he added. price increase”.
U.S. crude inventories are expected to fall for an eighth straight week, while gasoline stocks also fell, a preliminary Reuters poll said on Monday.
Crude oil inventories have been falling steadily for several weeks, with US inventories falling to their lowest levels since February 2020 in the week to July 2, 2021.
However, reports from around the world of increased infections have some investors cautious.
Meanwhile, OPEC+ has yet to make progress due to disagreements in discussions between major oil producers including Saudi Arabia and the United Arab Emirates (UAE) regarding an increase agreement. supply.
Source: VITIC/Reuters
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