Oil Gains on Signs of Tighter Market as US Stockpiles Seen Lower

📆 30/08/2023 07:44:00
📰 BNNBloomberg

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Oil advanced for a fifth day on signs of another substantial draw in US inventories and a buoyant mood across wider markets.

West Texas Intermediate rose above $81 a barrel, on course for the longest winning streak since March. US stockpiles tumbled by 11.5 million barrels, according to the industry-funded American Petroleum Institute. If confirmed by official data later Wednesday, that would be the sixth drop in seven weeks.

Oil’s latest string of daily gains means prices in New York are now trading slightly above where they began the year, with key timespreads pointing to tightening conditions. Crude has been supported by lower output from Saudi Arabia, with Riyadh implementing a substantial voluntary supply reduction in a bid to rebalance the global market following a weak first half.

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