Categories: Uncategorized

Oil surges 4% amid better risk appetite despite weak demand outlook

Brent crude futures had gained $2.53, or 3.65 per cent, to $71.88 a barrel by 18.41 pm IST

Topics
Crude Oil Price | Oil demand | oil and gas


Reuters  | 
London 

Photo: Bloomberg

Oil prices rose nearly 4 per cent on Wednesday, extending gains from the previous session as improved risk appetite provided support despite data showing an unexpected rise in US oil inventories last week and a weaker demand outlook due to rising Covid 19 infections.

Brent crude futures had gained $2.53, or 3.65 per cent, to $71.88 a barrel by 18.41 pm IST. US West Texas Intermediate (WTI) crude futures rose by $2.63, or 3.91 per cent, to $69.83 a barrel.

“Oil … is appearing to have found support as risk appetite increases once again,” Ricardo Evangelista, ActivTrades analyst said.

“This support comes after the pronounced falls registered during the last few sessions, which were triggered by apprehension over the impact of the Delta variant …, as well as the agreement between Opec+ countries to increase production.”

Oil prices dropped on Monday following a deal in Opec+ to boost supply by 400,000 bpd each month from August through December.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

Read More

News Bot

Share
Published by
News Bot

Recent Posts

Connected Energy Market Changing Strategies to Remain Competitive : GE Energy, Connected Energy, Elster Group GmbH, Siemens

Connected Energy Comprehensive Study by Type (Smart Grid, Smart Solar, Home Energy Management Systems, Digital…

2 hours ago

Wireless Charging Market 2021 Predictable to Witness Sustainable Evolution : Qualcomm Incorporated, Samsung, Sony

Wireless Charging Comprehensive Study by Type (Inductive Technology, RF Technology, Resonant Technology, Others), Application (Electric…

2 hours ago

Durable Juvenile Products Market to See Huge Growth by 2026: Britax, Newell Rubbermaid, Kolcraft Enterprises

Durable Juvenile Products Market Size, Status and Forecast 2021-2026Edison, NJ -- (SBWIRE) -- 07/20/2021 --…

2 hours ago

Blockchain in Insurance Sector Market Changing Strategies to Remain Competitive : Applied Blockchain, AWS, Microsoft, IBM

Blockchain In Insurance Sector Comprehensive Study by Application (GRC management, Death and claims management, Identity…

2 hours ago

Tokyo Olympics 2020: Australia rocked by alleged cocaine ban

Tokyo Olympics 2020: Australia rocked by alleged cocaine ban  New Zealand HeraldOlympics in 2021 spur frustration…

2 hours ago

Afghan refugee sues Australian government saying detention prevents him saving his family from Taliban

Afghan refugee sues Australian government saying detention prevents him saving his family from Taliban  The Guardian…

2 hours ago