Oil prices rise over $1 as U.S. inventories decline

LONDON, July 9 (Reuters) by Noah Browning – Oil prices rose for a second day on Friday as data showed a draw in U.S. inventories but were heading for a weekly loss amid uncertainty over global supplies after an OPEC+ impasse. Brent crude oil futures were up $1.19, or 1.6%, at $75.31 a barrel by 1355 GMT. U.S. West Texas Intermediate futures were up $1.41, or 1.9%, at $74.35. Prices on both sides of the Atlantic were on track for around a 1% weekly drop, dragged down by the collapse of output talks between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together known as OPEC+. read more U.S. crude and gasoline stocks fell and gasoline demand reached its highest since 2019, the U.S. Energy Information Administration said on Thursday, signalling increasing strength in the economy. read more “A bullish EIA stock report helped the oil market rebound into the black,” said Stephen Brennock of oil broker PVM. “Clearly, U.S. oil markets are tight. However … the only way to prevent further losses is for the threat of an OPEC+ price war to be contained,” he added. Gains in oil prices were capped by worries that members of… continue reading

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