Oil prices finished marginally lower on Tuesday, amid uncertainty and continued concerns about a potential downturn in demand recovery due to the spread of the Delta variant of the novel coronavirus.<\/p>\n\n\n\n
Despite the recent decision by the OPEC+ alliance to further ease output cuts and continue to raise production gradually between August and December, investors are still weighing the expectations of a tight supply with fears that the resurgence of the pandemic with a new wave could halt the expected demand recovery during the second half of the year.<\/p>\n\n\n\n
Brent crude futures for September lost 2 cents, or 0.03%, to finish at $74.48 per barrel.<\/p>\n\n\n\n
This marked the first decline for the global benchmark front-month contract after five consecutive increases.<\/p>\n\n\n\n
Brent futures for October delivery lost as much as 18 cents, or 0.2%, to finish at $73.52 a barrel.<\/p>\n\n\n\n
Meanwhile, the West Texas Intermediate (WTI) crude futures for September delivery logged its second consecutive loss and declined by 26 cents, or 0.4%, to finish at $71.65 per barrel.<\/p>\n\n\n\n
Data by the American Petroleum Institute (API) just showed that crude oil inventories in the United States fell by 4.7 million barrels for the week ending on July 23.<\/p>\n\n\n\n
Gasoline stockpiles declined by 6.2 million barrels, while distillate inventories decreased by 1.9 million barrels last week.<\/p>\n\n\n\n
Official inventory data by the U.S. Energy Information Administration (EIA) are due tomorrow.<\/p>\n","protected":false},"excerpt":{"rendered":"
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