# Oil retreats on surprise rise in U.S. stocks, weakening demand outlook | CNBC Africa

> Oil prices fell on Wednesday after the API reported an unexpected 806,000-barrel rise in US crude stocks, versus an expected draw of about 4.5 million barrels. Brent fell 0.8% to $68.83 and WTI dropped 0.7% to $66.70.

- Date: 2021-07-21 · published 2021-07-21T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/6362-oil-retreats-on-surprise-rise-in-u-s-stocks-weakening-demand-outlook-cnbc-africa
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A surprise inventory build and Delta-related demand worries weigh on crude prices, and the price cut eases energy costs for feed producers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-01-19 | [IEA cuts 2021 oil demand outlook as new Covid-19 lockdowns weigh on fuel sales - CNBC Africa](https://feedsoft.ai/events/49318-iea-cuts-2021-oil-demand-outlook-as-new-covid-19-lockdowns-weigh-on-fuel-sales.md) | +0.9% | +14.9% |
| WTI | 2018-09-23 | [OPEC raises U.S. oil supply outlook, sees lower demand for own crude](https://feedsoft.ai/events/62935-opec-raises-u-s-oil-supply-outlook-sees-lower-demand-for-own-crude.md) | +3.4% | -2.3% |
| WTI | 2020-09-15 | [IEA Cuts Oil Demand Forecast On More Fragile Outlook \| OilPrice.com](https://feedsoft.ai/events/51282-iea-cuts-oil-demand-forecast-on-more-fragile-outlook-oilprice-com.md) | +5.5% | +5.5% |
| WTI | 2022-07-13 | [U.S. crude, fuel stockpiles rise as demand slackens - EIA](https://feedsoft.ai/events/40646-u-s-crude-fuel-stockpiles-rise-as-demand-slackens-eia.md) | +8.7% | -4.9% |
| WTI | 2022-11-14 | [OPEC Cuts Oil Demand Outlook as It Starts to Curb Production - Bloomberg](https://feedsoft.ai/events/38586-opec-cuts-oil-demand-outlook-as-it-starts-to-curb-production-bloomberg.md) | -10.1% | -18.0% |
| BRENT | 2021-01-19 | [IEA cuts 2021 oil demand outlook as new Covid-19 lockdowns weigh on fuel sales - CNBC Africa](https://feedsoft.ai/events/49318-iea-cuts-2021-oil-demand-outlook-as-new-covid-19-lockdowns-weigh-on-fuel-sales.md) | +1.8% | +15.3% |
| BRENT | 2018-09-23 | [OPEC raises U.S. oil supply outlook, sees lower demand for own crude](https://feedsoft.ai/events/62935-opec-raises-u-s-oil-supply-outlook-sees-lower-demand-for-own-crude.md) | +4.9% | +1.6% |
| BRENT | 2020-09-15 | [IEA Cuts Oil Demand Forecast On More Fragile Outlook \| OilPrice.com](https://feedsoft.ai/events/51282-iea-cuts-oil-demand-forecast-on-more-fragile-outlook-oilprice-com.md) | +4.6% | +5.2% |

## Sources

- cnbcafrica.com: https://www.cnbcafrica.com/2021/oil-retreats-on-surprise-rise-in-u-s-stocks-weakening-demand-outlook

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.