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7/21, 3:37 PM (Source: TeleTrader)
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Oil prices extend gains ahead of US inventory data

Oil prices extended gains from the previous session on Wednesday, shrugging off concerns surrounding the rapid spread of the Delta variant of the coronavirus and weaker inventory data.

Earlier, private data suggested US crude stocks rose by 806,000 barrels last week, missing estimates as analysts had expected a larger drop amid signs of improving demand. US government data on crude inventories was set for release later in the day.

Brent for September settlement was up 1.92% to $70.69 per barrel at 9:20 am ET. West Texas Intermediate for September delivery climbed 2.04% to $68.57 per barrel at the time.

Breaking the News / JC