The barrel of oil registered a slight rise in New York today as a result of the sharp fall in crude inventories in the United States, cushioned by fears about the rise in cases of coronavirus in various areas of the world.
On the New York Mercantil Exchange (Nymex), a barrel of the WTI variety gained 1% and closed at US $ 72.40; while, in London, the Brent rate rose 0.3% to US $ 74.70.
US benchmark crude benefited from a 4.1 million barrel drop in the country’s inventories over the past week, a larger drop than analysts expected.
At 435.6 million barrels, US crude oil inventories are about 7% below the five-year average for this time of year.
US crude oil imports averaged 6.5 million barrels a day last week; this is 600,000 barrels per day less than the previous one.
In the height of the summer season, there are more road and plane trips, so demand expectations remain stable in the face of fears about the rebound in coronavirus infections that shook the market last week.
Investors today seemed to put aside fears about the spread of the Delta variant of covid-19 and were more aware of the Federal Reserve’s monetary policy meeting, which kept interest rates unchanged, close to 0%, despite the rebound in inflation, which in June stood at 5.4%, the highest in 13 years.