Oil Tops $75 On Shrinking U.S. Crude Inventories

Brent crude futures topped $75 on Thursday morning as U.S. crude oil inventories fell to 7 percent below the five-year average, according to EIA data. The September Brent crude futures contract rose 0.59% to $75.18 per barrel on Thursday at 10:30 p.m., EDT. The WTI benchmark, for its part, landed at $72.82 per barrel, up $0.44, or 0.59% on the day. The rise in crude oil prices comes despite oil demand concerns on the back of mounting fears regarding Covid-19’s Delta variant and disappointing news of waning efficacy of the Pfizer jab after…