Fundamental analysis
30 June, 2021
Oil prices on Wednesday extended the previous day's small gains after an industry report showed U.S. crude stockpiles fell last week, overriding trader and investor concerns about transportation curbs in some countries as COVID-19 cases surge. While the highly contagious Delta variant of the coronavirus is taking hold in many countries, prompting new lockdowns or movement restrictions from Australia to Portugal, hopes of a broader recovery in demand for fuel remained intact. Crude stocks in the United States were down by 8.2 million barrels, American Petroleum Institute data showed, according to two sources, who spoke on condition of anonymity. Still, gasoline inventories rose by 2.4 million barrels and distillate stocks were up by 428,000 barrels, the sources said.
