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Oil futures settle sharply higher amid tight supplies at the U.S. storage hub

·1 min read
Oil futures settle sharply higher amid tight supplies at the U.S. storage hub

Oil futures rallied Wednesday, with U.S. prices recouping much of their recent losses to finish back above the $70-a-barrel mark. Prices have rebounded after suffering a steep drop on Monday of more than 7%, the biggest daily decline of the year as the spread of the delta variant of the coronavirus threatened the outlook for oil demand. The Energy Information Administration on Wednesday reported an unexpected weekly rise in U.S. crude supplies, but also revealed that stocks at the Cushing, Okla.