Oil prices rose for a second day on Friday as the market reacted to falling U.S. inventories. Brent crude oil futures were up $1.49, or 2%, at $75.60 a barrel by 1:12 p.m. "A bullish EIA stock report helped the oil market rebound into the black," said Stephen Brennock of oil broker PVM. Russia was trying to mediate in an effort to strike a deal to raise output, OPEC+ sources said on Wednesday. The global spread of the Delta coronavirus variant and worries it could stall a worldwide economic recovery also weighed on oil prices.

Source: Mint July 09, 2021 17:37 UTC