Elsewhere, the Baker Hughes rig count and the Commodity Futures Trading Commission’s report on the commitments of traders round out the week.
Crude oil prices pushed higher Thursday, climbing to two-week highs amid signs of a U.S. economy continuing to recover while inventories in the world’s largest consumer fell once more. The International Monetary Fund on Tuesday boosted its growth forecast for the United States to 7.0% in 2021, up from its 6.4% forecast in April, which would represent the strongest performance since 1984. The report from the U.S. Energy Information Administration on Wednesday was also constructive, with crude inventories dropping by over 4 million barrels last week, falling to their lowest level since January 2020 and resuming their downward trend after last week’s surprise build.
Oil futures post their highest finish in two weeks on Wednesday, buoyed by a weekly decline U.S. crude inventories and ongoing strength in implied demand for gasoline. However, concerns that renewed restrictions tied to the spread of the coronavirus delta variant will lead to less fuel demand limit oil's price rise.