UPDATE 3-Oil rises as markets expect continuous fall of inventories [Reuters]
Diamondback Energy, Inc. (FANG)
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Source: Reuters
LONDON, Aug 3 (Reuters) - Oil rose on Tuesday on expectation of a continuous decline in U.S. oil inventories, recouping some losses from the previous session due to lingering concern over rising cases of the Delta coronavirus variant. Brent , the international benchmark for oil prices, rose 60 cents, or 0.8%, to $73.49 a barrel, at 0905 GMT. U.S. West Texas Intermediate (WTI) crude was up 63 cents, or 0.9%, at $71.89 a barrel. Both markets dropped more than 3% on Monday. "Some market participants see Monday’s price set-back as a bit exaggerated, considering that we are likely to see another decline in oil inventory this week," UBS analyst Giovanni Staunovo said. A preliminary Reuters poll showed U.S. crude and product inventories likely declined last week with both distillates and gasoline stockpiles predicted to have fallen for a third straight week. Despite recent fluctuations, oil prices are high and healthy, lifting earnings of major oil firms. BP (BP.L) , Diamondback Energy Inc (
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