Oil extends gains despite rise in U.S. inventories | Reuters
Oil prices rose more than 3% Wednesday, extending gains from the previous session as improved risk appetite provided support despite data showing an unexpected rise in U.S. oil inventories last week and a weaker demand outlook due to rising COVID-19 infections.
Brent crude futures had gained $2.13, or 3.1%, to $71.48 a barrel by 1403 GMT. U.S. West Texas Intermediate (WTI) crude futures rose by $2.27, or 3.4%, to $69.47 a barrel.
"Oil ... is appearing to have found support as risk appetite increases once again," Ricardo Evangelista, ActivTrades analyst said.
"This support comes after the pronounced falls registered during the last few sessions, which were triggered by apprehension over the impact of the Delta variant ..., as well as the agreement between OPEC+ countries to increase production," he added.
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