Oil Prices Hold Near $80 on Tight Supply and Stocks Drop

[Sherman A1]

Oil prices held close to $80 a barrel on Wednesday as global supply outages and declining U.S. inventories offset worries that rising coronavirus cases might reduce demand.

Brent crude rose to as much as $79.20 a barrel before retreating to trade 24 cents down on the day at $78.70 by 1427 GMT. U.S. West Texas Intermediate (WTI) crude edged 32 cents lower to $75.65 after touching $76.17.

Both contracts are trading near their highest in a month, aided by strength in global equities.

"Markets are overwhelmingly pricing in the latest coronavirus variant as a milder incarnation, despite its easier contractibility," OANDA analyst Jeffrey Halley said in a note.

https://www.marinelink.com/news/oil-prices-hold-near-tight-supply-stocks-493168

[mahatmakanejeeves]

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[Sherman A1]

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