Oil rises ahead of US inventories data, Brent jumps back above $70
Oil prices rose on Wednesday, despite the US dollar's rise against its peers, and ahead of the US inventories data.
The American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories fell 806K barrels during the past week.
The US Energy Information Administration will release its official report later today, amid forecasts for a drop by 6.7 million barrels.
The dollar index rose against a basket of major currencies by 0.1% to 93.06 points as of 12:46 GMT, after hitting a high of 93.1 points and a low of 92.9 points.
As of 12:52 GMT, WTI crude August futures rose 1.7% to $68.3 a barrel, after hitting a high of $68.5 and a low of $66.4.
Brent September futures rose 1.8% to $70.5 a barrel, after hitting a high of $70.7 and a low of $68.6.
US stocks continue to rise with focus on earnings
The US stock indices opened higher on Wednesday, amid anticipation of major US companies earnings results.
The World Health Organization stated that coronavirus infections have increased in the USs, Europe and Asia due to the new Delta strain, which has renewed fears of the pandemic spreading out of control.
The US government revealed that the average infection during the past seven days until Friday was about 30,000 cases, which is higher than June's average of 8,000 cases.
Coca-Cola reported its quarterly earnings results, and recorded strong sales in the second quarter.
As for stocks, Dow Jones rose 0.7% or 230 points to 34,740 as of 14:28 GMT, and S&P 500 rose 0.5% or 24 points to 4,347, while Nasdaq rose 0.4% or 65 points to 14,563.
US crude inventories rise unexpectedly - EIA
The US Energy Information Administration reported today that crude inventories rose 2.1 million barrels to 484.7 million during the past week, while analysts forecast a drop by 4.6 million barrels.
Gasoline stocks fell 100K barrels to 236.4 million barrels, and distillate stocks fell 1.3 million to 141 million barrels.
While the American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories fell 806K barrels during the same period.
Euro declines against dollar as investors follow pandemic development
Euro lost ground against most currencies on Wednesday amid negative developments in the coronavirus pandemic.
The World Health Organization reported a spike in coronavirus cases in the US, Europe, and Asia due to the spread of the Delta strain.
US data showed average Covid 19 investors rose to 30,000 in the last 7 days, higher than the June average of 8000.
Multiple countries in the world face a punishing new wave of the virus but most governments decided to open up the economy and just caution their citizens about social rules.
EUR/USD fell 0.1% to 1.1777 as of 10:33 GMT, marking a high at 1.1787, and a low at 1.1753.