Oil Closes Higher with Nymex at Highest Since October 2018

Oil prices rose on Tuesday, despite concerns about the coronavirus Delta variant and uncertainty about the OPEC+ output policy, mainly amid expectations of another drop in crude inventories in the United States.

Brent crude for September delivery rose by $1.33, or 1.77%, to settle at $76.49 per barrel, registering its best closing level since July 5 and the second highest in 2021, with a year-to-date increase of $24.69 or 47.66%.

The West Texas Intermediate futures for August delivery gained $1.15, or 1.55%, to finish at $75.25 per barrel.

This marked the highest settlement for the NYMEX futures since October 3, 2018, bringing the gains of the U.S. Crude benchmark contract to a little over 55% since the beginning of the year.