Oil prices steady as virus spread counters tight supplies | Reuters

Oil prices steady as virus spread counters tight supplies | Reuters

Oil prices held steady on Tuesday ahead of the release of U.S. inventory data as investors worried that global demand could be dented by surging COVID-19 cases, even though supplies are tightening and vaccination rates rising.

Inventory data was due from the American Petroleum Institute (API) on Tuesday and the U.S. Energy Information Administration on Wednesday.

Analysts polled by Reuters expected the data to show U.S. crude stocks fell by about 2.9 million barrels and gasoline stocks fell by 900,000 barrels in the week to July 23. [EIA/S]

“The API inventory data may jolt crude prices back into life,” said Craig Erlam, senior analyst at OANDA.

Brent futures slipped 2 cents to settle at $74.48 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 26 cents, or 0.4%, to settle at $71.65.

That was the first decline for Brent in six days.