News Formal

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

  • 📰 BNNBloomberg
  • ⏱ Reading Time:
  • 19 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 50%

United States News News

United States United States Latest News,United States United States Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 83. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Head of France's Medef business lobby: seeing some signs of business slowdownPARIS (Reuters) - There are signs of a slowdown in business activity in France and interest rates are also weighing on businesses, Patrick Martin, the ...
Source: SaltWire Network - 🏆 45. / 63 Read more »