Oil holds near five-month high as U.S., China show tighter market - BNN Bloomberg

West Texas Intermediate futures held above US$83 a barrel after gaining 4.4 per cent over the past two days. Crude inventories declined again last week at the key American storage hub in Cushing, Oklahoma, while weaker Russian oil exports and interrupted flows from Iraqi Kurdistan are reining in supplies.

Crude has rebounded strongly since hitting a 15-month low in March, with widely watched timespreads pointing to a tightening of conditions. Oil's swift resurgence has also been supported by signs that U.S. inflation is moderating, potentially enabling the Federal Reserve to pause its rate-hike campaign.

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