Oil Rises on Lower Inventories

Oil prices rose Thursday, July 29, as crude inventories in the United States, the world’s largest oil consumer, fell to their lowest levels since January 2020, and Brent crude returned to above $75 a barrel.

Brent crude futures were up 37 cents, or 0.5%, to $75.11 a barrel, and US crude contracts increased 39 cents, or 0.5%, also, recording $72.78 a barrel.

Brent topped $75 a barrel for the first time in more than two years in June but fell sharply this month on fears of the rapid spread of the Delta strain and the agreement of major OPEC producers to increase supply.

The US Energy Information Administration said that crude stocks fell by 4.1 million barrels in the week ending July 23, thanks to lower imports and a decline in weekly production.

Gasoline stocks have also fallen, largely to pre-pandemic levels.