Oil futures extend gains to a second consecutive session


Oil futures extended their gains into a second straight session on Tuesday, lifting prices to their highest finish in more than a week. China reportedly saw zero new COVID-19 cases for the first time since July, easing some concerns that outbreaks of the delta variant will lead to lower energy demand. “The oil price snapback will only continue if the headlines continue to support the narrative that several countries are starting to have a much better handle with the delta variant,” said Edward Moya, senior market analyst at Oanda. Traders also await weekly data on U.S. petroleum supplies from the American Petroleum Institute late Tuesday and Energy Information Administration Wednesday morning. On average, analysts expect the government report to show a decline of 3.2 million barrels in crude supplies for the week ended Aug. 20, according to an S&P Global Platts survey. West Texas Intermediate crude for October delivery
rose $1.90, or 2.9%, to settle at $67.54 a barrel on the New York Mercantile Exchange.


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