Brent crude nears $75

27/07/2021 Argaam

Oil rigs

Oil prices rose on Tuesday, amid hopes for a recovery in global demand for Brent crude with an increase in COVID-19 vaccination rates, and before the release of preliminary US inventory data.

 

Analysts at ANZ stressed that strong road traffic data in most major provinces indicates that the rise in infections is having little impact, Reuters reported.

 

The United Kingdom announced, on July 26, the lowest daily COVID-19 infection rate since July 4.

 

International benchmark Brent crude for September delivery rose 0.5% to $74.89 per barrel, at 09:00am Makkah time.

 

US NYMEX crude contracts for September delivery also increased 0.4% to $72.16 per barrel.

 

Later today, July 27, the American Petroleum Institute will reveal preliminary inventory data for the past week.

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