Oil prices on Wednesday consolidated strong overnight gains as a bullish outlook for U.S. fuel demand outweighed concerns about mobility curbs in Asia with the spread of the highly infectious COVID-19 Delta variant.
Industry data showed U.S. crude oil and gasoline inventories fell last week, while the U.S. Energy Information Administration raised its forecast for fuel demand in 2021 and said consumption in May through July was higher than expected.
Data from the American Petroleum Institute showed U.S. crude stocks fell by 816,00 barrels and gasoline stocks fell by 1.1 million barrels in the week ended Aug. 6, according to two market sources. Both drawdowns were a bit smaller than analysts polled by Reuters had expected.
Analysts remain wary, however, about the latest COVID-19 outbreak in China, which could still dent demand.
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