Oil rises on expectations of US crude stocks falling
TOKYO: Oil rose on Tuesday, recovering from the previous day’s drop, as expectations of further declines in U.S. crude inventories outweighed fears that spreading COVID-19 variants could derail a global economic recovery.
Brent crude for September climbed 25 cents, or 0.3%, to $75.41 a barrel by 0036 GMT, after losing 0.5% on Monday. U.S. West Texas Intermediate crude for August was at $74.33 a barrel, up 23 cents, or 0.3%, having fallen 0.6% the previous day.
