Oil continues rally amid demand optimism

Wednesday, 21. July 2021 18:23

The oil prices continued to rise on Wednesday as the investors seemingly brushed off the worries over the potential impact that the spread of the coronavirus Delta variant could have on some of the largest markets of crude.

The sentiment seemed intact even after the United States Energy Information Administration's report unveiled an unexpected rise in the crude oil stockpiles over the last week.

Brent for September settlement jumped 4.18% to $72.25 per barrel at 12:12 pm ET. West Texas Intermediate for September delivery soared 4.69% to $70.35 per barrel at the time.

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