Oil climbs on expected further draw in U.S. crude inventories
Oil prices climbed on Tuesday, reversing most of the previous day's losses, as tight supply and expectations of a further draw in U.S. crude inventories provided support, although fears over the spreading COVID-19 variant capped gains.
Brent crude for September rose 36 cents, or 0.5%, to $75.52 a barrel by 06:55 GMT, after losing 0.5% on Monday. U.S. West Texas Intermediate crude for August was at $74.45 a barrel, up 35 cents, or 0.5%, having fallen 0.6% the previous day.
U.S. crude inventories were expected to fall for an eighth consecutive week, while gasoline stocks also declined, a preliminary Reuters poll showed on Monday.
Crude stockpiles have declined steadily for several weeks, with U.S. inventories falling to the lowest since February 2020 in the week to July 2.