Oil up as outlook improves
Oil rose in Asia on Wednesday, lifted by a more positive fuel demand outlook. However, the increasing number of COVID-19 cases globally has limited the gains made by the commodity.
Brent oil futures crept up 0.06% to $70.67 by 10:27 PM ET (2:27 AM GMT), and WTI futures edged up 0.03% to $68.31.
Shares in the US and Europe climbed up amid expectations that global consumption will stay on its upward trend and tighten the market until the end of 2021.
On the data front, the American Petroleum Institute has shown a draw of 816,000 barrels for the week ending August 6.
Investors are now awaiting crude oil supply data from the US Energy Information Administration, due within the day.
Meanwhile, in Asia, the transmission of the coronavirus’ Delta variant is amplified by the slow rate of vaccination. Restrictive measures put up to curb the virus’ spread could dent fuel consumption.
In the US, the rising number of cases also remains to be of concern.