Oil crawls higher on solid US demand outlook despite Delta surge
MELBOURNE: Oil prices on Wednesday consolidated strong overnight gains as a bullish outlook for US fuel demand outweighed concerns about mobility curbs in Asia with the spread of the highly infectious COVID-19 Delta variant.
Industry data showed US crude oil and gasoline inventories fell last week, while the US Energy Information Administration raised its forecast for fuel demand in 2021 and said consumption in May through July was higher than expected.
