Oil Up Over Brighter Fuel Demand Outlook

Oil was up Wednesday morning in Asia thanks to a brightening fuel demand outlook.

Brent oil futures inched up 0.06% to $70.67 by 10:27 PM ET (7:57 AM IST) and WTI futures inched up 0.03% to $68.31.

U.S. and European shares rose amid growing expectations that global consumption will continue upwards and tighten the market until the end of 2021.

Crude oil is riding the coattails of a strong showing in the U.S. equity markets... some investors are also getting optimistic that the blow to demand from the delta variant spread is tampering off, if even just slightly.

Meanwhile, U.S. crude oil supply data from the American Petroleum Institute showed a draw of 816,000 barrels for the week ending Aug. 6. Forecasts prepared by Investing.com had predicted a 1.050-million-barrel draw, while an 879,000-barrel draw was recorded during the previous week.

Investors now await crude oil supply data from the U.S. Energy Information Administration, due later in the day.

- END -