Oil held gains after capping the longest winning run in more than four years as OPEC+ leaders extended supply cuts to the end of 2023 and industry estimates pointed to another draw in US crude inventories.
West Texas Intermediate edged higher toward $88 a barrel after posting nine straight gains, the longest stretch of consecutive daily rises since January 2019. That surge came as Saudi Arabia and Russia pledged to prolong their export curbs through the fourth quarter. Riyadh also raised official prices.
In the US, meanwhile, the industry-funded American Petroleum Institute reported that nationwide crude inventories declined by 5.5 million barrels last week, according to a person familiar with the figures. The breakdown also recorded a drop in oil holdings the key Cushing, Oklahoma, storage hub, as well as a big fall in gasoline stockpiles. Official data are due later Thursday.
Oil’s resurgence means that prices are now almost 10% higher this year, with the US benchmark trading at the highest level since November. Demand prospects have also helped to buoy prices, with top traders at a conference in Singapore this week optimistic on the outlook for consumption in China.
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