Oil held near $41 a barrel in New York after the longest run of gains in six weeks on signs U.S. crude stockpiles extended declines. The American Petroleum Institute reported crude inventories dropped by 8.59 million barrels last week, with gasoline inventories resuming draws, according to people familiar with the figures. Meanwhile, futures rose 1.7% on Tuesday after a massive blast at Lebanon’s main port rocked Beirut, raising concerns about fresh instability in the Middle East. Authorities didn’t immediately say whether it was an accident or an attack. Oil has struggled to maintain its momentum after rallying from a plunge below zero in April as rising coronavirus infections raised concerns about a sustained recovery in consumption. OPEC+ is set to test the appetite for demand as the group starts returning supply to the market this month after historic cuts.
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