# Oil climbs over 4% despite rise in U.S. inventories | Reuters

> Oil prices rebounded more than 4% on Wednesday after dropping about 7% on Monday. OPEC+ agreed to raise supply by 400,000 barrels per day from August through December. Prices rose even though US crude inventories unexpectedly increased by 2.1 million barrels to 439.7 million, against analyst expectations of a 4.5 million-barrel draw.

- Date: 2021-07-21 · published 2021-07-21T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/6367-oil-climbs-over-4-despite-rise-in-u-s-inventories-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The unexpected US crude stock build was bearish, but the rebound shows the market was recovering from an oversold selloff and was supported by the OPEC+ supply deal. For feed buyers, firmer crude supports energy-linked input costs and biofuel margins that underpin corn and vegetable oil demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-07-01 | [Oil climbs to highest in over two years as U.S. supplies tighten](https://feedsoft.ai/events/46777-oil-climbs-to-highest-in-over-two-years-as-u-s-supplies-tighten.md) | -0.7% | +0.2% |
| WTI | 2026-10-28 | [US crude and distillate inventories fall, gasoline stocks rise, EIA says By Reuters](https://feedsoft.ai/events/271-us-crude-and-distillate-inventories-fall-gasoline-stocks-rise-eia-says-by.md) | -2.1% | — |
| WTI | 2021-08-25 | [U.S. crude inventories fall as demand hits highest since March 2020 - EIA \| Reuters](https://feedsoft.ai/events/11407-u-s-crude-inventories-fall-as-demand-hits-highest-since-march-2020-eia-reuters.md) | +1.4% | +7.1% |
| WTI | 2018-08-22 | [Oil surges after data shows steep drop in US crude inventories](https://feedsoft.ai/events/63703-oil-surges-after-data-shows-steep-drop-in-us-crude-inventories.md) | +1.8% | +5.6% |
| WTI | 2018-10-24 | [U.S. oil prices up after sharp drop in fuel stocks \| Reuters](https://feedsoft.ai/events/12172-u-s-oil-prices-up-after-sharp-drop-in-fuel-stocks-reuters.md) | -0.4% | -19.7% |
| BRENT | 2021-07-01 | [Oil climbs to highest in over two years as U.S. supplies tighten](https://feedsoft.ai/events/46777-oil-climbs-to-highest-in-over-two-years-as-u-s-supplies-tighten.md) | -2.8% | -1.5% |
| BRENT | 2026-10-28 | [US crude and distillate inventories fall, gasoline stocks rise, EIA says By Reuters](https://feedsoft.ai/events/271-us-crude-and-distillate-inventories-fall-gasoline-stocks-rise-eia-says-by.md) | -4.7% | — |
| BRENT | 2021-08-25 | [U.S. crude inventories fall as demand hits highest since March 2020 - EIA \| Reuters](https://feedsoft.ai/events/11407-u-s-crude-inventories-fall-as-demand-hits-highest-since-march-2020-eia-reuters.md) | +2.9% | +4.0% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-retreats-surprise-rise-us-crude-stocks-2021-07-21/

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