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Oil rallies on tight U.S. stocks as winter blast hits

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Oil prices rose for a fourth straight day with U.S. crude, heating oil and jet fuel stocks seen tight just as a chilly blast hits the United States and travel is set to soar for the holiday season. | Reuters

MELBOURNE – Oil prices rose for a fourth straight day on Thursday with U.S. crude, heating oil and jet fuel stocks seen tight just as a chilly blast hits the United States and travel is set to soar for the holiday season.

U.S. West Texas Intermediate crude futures climbed 35 cents, or 0.5 percent, to $78.64 a barrel, while Brent crude futures gained 27 cents, or 0.3 percent, to $82.47 at 0145 GMT, extending gains of around 2.7 percent in the previous session.Both benchmark contracts jumped on Wednesday after government data showed U.S. crude inventories fell by much more than analysts had expected, posting a drop of 5.89 million barrels for the week ending Dec. 16.

At the same time there was a decline in distillate stocks, which include heating oil and jet fuel, which defied expectations for a build.

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