Positive Demand Projections Lift Oil Prices Again - Kakiforex.com - Financial Market Media No. 1 in the World Positive Demand Projections Lift Oil Prices Again Positive Demand Projections Lift Oil Prices Again
InstaForex

August 11, 2021

Positive Demand Projections Lift Oil Prices Again

 The increase in coronavirus cases around the world is limiting rising oil prices that were previously supported by better prospects for fuel demand in the United States.


In the Asian session, Brent crude futures traded slightly lower at $ 70.50 a barrel, after jumping 2.3% in the previous session.


Meanwhile, US WTI traded around $ 68.12 a barrel after gaining 2.7% in Tuesday's trading session.



Earlier, the U.S. Energy Information Administration raised its forecast for fuel demand this year and said consumption in May through July was higher than expected.


Meanwhile, data from the American Petroleum Institute (API) showed that US crude oil supplies fell by 816,000 barrels and petrol stocks fell 1.1 million barrels last week.


However, the crude oil market was also squeezed by concerns over coronavirus cases which continued to show an increase leading to more restrictions being imposed.


Australia's most populous state, New South Wales (NSW) further expanded sanctions in several cities as the state's latest case figure recorded 356 cases on Monday.