Oil prices eased following a two-day gain that was powered by a drop in U.S. fuel and distillate stockpiles and a broader market rally.
West Texas Intermediate fell 0.4% after climbing almost 6% over the previous two sessions. Investors are weighing signs of continued robust demand for oil products, including gasoline, against the waves of disruption triggered by the spread of the delta coronavirus variant. In addition, China has been supplying crude from its strategic reserves to local refiners in a bid to cool prices.
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July 22, 2021 at 06:44AM
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Oil Gyrates Near $70 as Investors Size Up Consumption, Virus - Bloomberg
"consumption" - Google News
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