Baghdad Oil prices fell today, Wednesday, after an industrial report showed an unexpected increase in US oil stocks last week, which increased fears of a re-emergence of Covid-19 infections, which could weaken demand for fuel.

By this morning, Brent crude futures fell 47 cents, or 0.68%, to $68.88 a barrel, giving up Tuesday’s 1.1% gain.

US West Texas Intermediate crude futures were down 50 cents, or 0.7%, at $66.70 a barrel, after rising $1 on Tuesday.

US crude inventories rose by 806,000 barrels for the week ending July 16, according to two market sources, citing figures from the American Petroleum Institute.

“The fear of Delta is firmly in control of the oil market sentiment, after putting a big question mark about the demand recovery narrative in the past several weeks,” said Vandana Hari, energy analyst at Vanda Insights.

Source: National Iraqi News Agency