Oil Edges Up as U.S. Supplies Dwindle and Demand Jumps to Record

Domestic oil inventories slid for seventh straight week Gasoline inventories drop by the most since March last week

July 8, 2021 Stu Turley Commodities, Crude Oil News, Top News
Brent Oil Climbs to $70 a Barrel

Oil rebounded after a U.S. government report showed rapidly declining inventories and record-high fuel demand in the midst of the peak summer travel season.

Futures edged up after earlier falling as much as 2% in New York on Thursday. Domestic crude supplies tumbled by nearly 7 million barrels last week and gasoline supplies slid by the most March, according to an Energy Information Administration report. A gauge of fuel demand soared to 10 million barrels a day.

About Stu Turley 3379 Articles
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.

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