Rising demand for oil abruptly reversed course in July and is set to proceed more slowly for the rest of the year due to the spread of the COVID-19 Delta variant, the International Energy Agency said on Thursday.
U.S. renewable fuel credits traded at $1.70 each on Friday, down 15% from the previous session, after a Reuters report said the U.S. EPA was considering ways to provide relief to U.S. oil refiners from biofuel blending mandates.
U.S. energy firms added oil and natural gas rigs for the sixth time in seven weeks as oil prices rose to their highest since 2018, although gas drillers have slowed down their activity.
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in six weeks as growth in drilling slows despite crude prices hitting their highest since 2018.
U.S. crude stocks fell more than expected last week, while fuel stocks rose in a pre-holiday rebound from drawdowns that occurred during the Colonial Pipeline outage, the Energy Information Administration said on Thursday.