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Oil Renews Decline as U.S. Inventories Expand, Delta Spreads By Bloomberg

© Bloomberg. A valve wheel sits attached to crude oil pipework in an oilfield near Almetyevsk, Russia, on Sunday, Aug. 16, 2020. Oil fell below $42 a barrel in New York at the start of a week that will see OPEC+ gather to assess its supply deal as countries struggle to contain the virus that’s hurt economies and fuel demand globally. Photographer: Andrey Rudakov/Bloomberg

(Bloomberg) — Oil fell after a surprise build in U.S. stockpiles and as investors weighed the impact on demand from the rapid spread of the delta variant.

West Texas Intermediate lost 0.6% in early Asian trading, resuming declines after a rise on Tuesday. The American Petroleum Institute was said to report an 806,000 barrel gain in inventories, according to people familiar with the figures. The climb would be first since May, if confirmed by the Energy Information Administration later Wednesday. Gasoline holdings also expanded.

Crude has been thrown into retreat since hitting the highest since 2014 earlier this month as the delta variant surged in parts of Asia, and spread in the U.S. and Europe. That challenge has coincided with the Organization of Petroleum Exporting Countries and its allies patching up a row with a pact to boost production from August. Among banks, Goldman Sachs Group Inc (NYSE:). has warned oil will will “gyrate,” and pushed back forecasts for a rally to $80 a barrel.

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The latest twist in the coronavirus pandemic has seen the delta variant now account for 83% of all sequenced cases in the U.S., up from 50% in early July, according to health authorities. In Asia, social-distancing curbs have been extended in Hong Kong, while Singapore will tighten measures from Thursday.

©2021 Bloomberg L.P.

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