SULAIMANI (ESTA) — Oil prices climbed on Tuesday as tight supply and expectations of a further draw in U.S. crude inventories provided support.
Brent crude futures rose 33 cents to $75.49 a barrel by 0710 GMT, after losing 0.5% on Monday.
U.S. West Texas Intermediate (WTI) was up 33 cents at $74.43 per barrel, having fallen 0.6% the previous day.
“Optimism about tight supply and declining U.S. crude stockpiles lent support,” Toshitaka Tazawa, an analyst at commodities broker Fujitomi Co, told Reuters.
“Still, growing concerns over a spike in COVID-19 infection cases worldwide and uncertainty over production plans by OPEC+ will likely limit gains,” he said.
U.S. crude inventories were expected to fall for an eighth consecutive week, while gasoline stocks also declined, according to Reuters.
Crude stockpiles have declined steadily for several weeks, with U.S. inventories falling to the lowest since February 2020 in the week to July 2.
