Decline in US inventories and tensions in Middle East lend support though spread of highly contagious strain of Covid-19 remains a concern
An oil tanker at Jose refinery cargo terminal in Venezuela. Picture: REUTERS/JORGE SILVA
“Bulls have drawn support from US inventory dynamics, with commercial stocks falling to their lowest since January 2020 and indications that the tightening is set to continue,” oil brokerage PVM said. This is the second attack on a tanker in the region since Friday, which includes the Strait of Hormuz. The UK and the US are also blaming Iran for the earlier incident, in which drones crashed into the vessel and killed two sailors.
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