Oil Gains as Crude and Fuel Demand Withstands Latest Viral Wave

Oil rose for a third session after a U.S. government report showed that crude and gasoline inventories fell despite fears that the delta variant’s spread would sap demand.

Futures in New York advanced 1.2% on Wednesday to the highest in more than a week, buoyed by bullish stockpile data. Domestic crude supplies slid to the lowest since January 2020, according to data from the Energy Information Administration. Gasoline inventories dropped more than expected.