Melbourne — Oil prices climbed for a fourth straight day on Thursday with US crude, heating oil and jet fuel stocks growing tighter just as a wintry blast hits the US and travel is set to soar for its holiday season.
Both benchmark contracts jumped on Wednesday after government data showed US crude inventories fell by much more than analysts had expected, posting a drop of 5.89-million barrels for the week ending on December 16. The falling stockpiles come as demand for heating oil is set to soar with a powerful winter storm hitting the US, with sub-zero wind chills expected as far south as Texas and record-breaking lows forecast for Florida and eastern states.
“On our numbers ... the crude market is finely balanced,” said Baden Moore, National Australia Bank's head of commodity research.
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