Oil rises on lower U.S. stockpiles, demand recovery

Hellenic Shipping News | Jul 1, 2021 at 2:00 AM
  • Oil prices rose on Wednesday, heading for monthly and quarterly gains, after U.S. crude stockpiles fell for a sixth straight week and an OPEC report foresaw an undersupplied market this year.
  • The Brent crude contract for August, which expired on Wednesday, ended the session up 37 cents, or 0.5% at $75.13 a barrel.
  • Goldman Sachs forecasts that demand will rise by a further 2.2 million bpd by the end of 2021, leaving a 5 million bpd supply shortfall.