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Oil edges higher on inventory drawdowns, Brent tops $75 a barrel

Oil edges higher on inventory drawdowns, Brent tops $75 a barrel

7/29/2021 6:35:00 AM

Oil edges higher on inventory drawdowns, Brent tops $75 a barrel

Oil prices rose on Thursday as crude stockpiles in the United States, the world's top oil consumer, fell to their lowest since January 2020, with Brent crude oil prices pushing back past $75 a barrel.

Brent topped $75 a barrel for the first time in more than two years in June, but fell back sharply earlier this month on fears about the rapid spread of the Delta variant and a compromise deal by leading OPEC producers to increase supply."The (oil inventory) falls suggest the rise in cases of COVID-19's Delta variant is having little impact on mobility," ANZ analysts said in a note on Thursday.

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Crude inventories fell by 4.1 million barrels in the week to July 23, the U.S. Energy Information Administration (EIA) said, helped by lower imports and a decline in weekly production.Gasoline stocks also dropped, bringing them largely in line with pre-pandemic levels.

The U.S. economic recovery is still on track despite the rise in coronavirus infections, the Federal Reserve said on Wednesday in a policy statement that remained upbeat and flagged ongoing talks around the eventual withdrawal of monetary policy support. headtopics.com

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Amid high security, small pro-Trump crowd rallies at U.S. Capitol

Police and media vastly outnumbered protesters around the U.S. Capitol on Saturday at a sparsely attended rally by supporters of the people who breached the building on Jan. 6, trying to overturn former President Donald Trump's election defeat.

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5 Reasons Jojoba Oil is the Hydrator Your Skin NeedsSmall spoiler: It's great for sensitive and troubled skin.

You Might Want to Keep Your Oil Diffuser Away From Your Pet—Here’s WhyHere's how to keep your pets safe.

Washington’s Most Powerful Oil Lobby Faces Reckoning on Climate ChangeThe American Petroleum Institute’s green makeover has been met with skepticism from friends and foes alike. They need to morph into a renewable energy lobby. wow Destroying the climate is a big business. The climate is irrelevant though. To free a hostage, you have to take the risk to die and to kill him. Likewise, to free nature from capitalists, you have to risk destroying this nature.

Kremlin says Biden is wrong to say that Russia only has nuclear weapons and oilThe Kremlin said on Wednesday that U.S. President Joe Biden's assessment of Russia as only having nuclear weapons and oil was wide of the mark and betrayed a lack of knowledge about the country. They have actual people also. Like real, non political, PEOPLE. Biden says Biden is wrong…and got his a** wiped…! 🤷 There are super hidden gadgets in Moscow like I tell many don't down play Moscow especially in technology

5 Reasons Jojoba Oil is the Hydrator Your Skin NeedsSmall spoiler: It's great for sensitive and troubled skin.

BP Launches Environmental Campaign Pledging To Clean Up Oil Polluting Earth’s InteriorLONDON—In a press conference announcing their intention to become part of the solution, petroleum giant BP launched an environmental campaign Tuesday pledging to clean up the oil polluting the earth’s interior. “We’ve heard environmentalists calls for action, and we’re committed to take any means necessary to help… By drilling it out, perhaps? cubiclized TechHumour TechHumor your daily fix of tech humour about time! order for your logo 'Think of it like cleansing. Oil is a toxin built up deep underground. We're the coffee enema which helps release those toxins from the bowels of mother Gaia. It's totally natural and the earth will thank us for it.'