Oil rises, gains dampened by demand outlook
Oil went up in Asia on Wednesday, even as the black liquid experienced its fifth day of decline. The fuel demand outlook remains dark, as restrictions put up to combat the rise in COVID-19 cases globally also keep transport usage levels low.
Brent oil futures crept up 0.07% to $69.08 by 11:01 PM ET (3:01 AM GMT) after its 0.7% decline on Tuesday. WTI futures climbed up 0.11% to $66.41, recovering from the 1% loss during the previous session.
In the US, Tuesday’s crude oil data from the American Petroleum Institute has revealed a draw of 1.163 million barrels for the week ending August 13.
Investors are now awaiting crude oil data from the US Energy Information Administration (EIA), due within the day.
The EIA’s monthly drilling output report has also stated that the US shale oil production is expected to increase to 8.1 million barrels per day (bpd) in September, the highest since April 2020.