Oil rose for a sixth day, as a slump in US crude inventories added to signs of market tightness and as wider markets climbed.
(Bloomberg) — Oil rose for a sixth day, as a slump in US crude inventories added to signs of market tightness and as wider markets climbed.
West Texas Intermediate traded above $82 a barrel, set for the longest run of increases since January. Prices were aided by gains in risky assets, with US equity futures and stocks in Europe climbing.
Stockpiles in the US fell by 10.6 million barrels last week to the lowest level since December. Inventories at the key Cushing, Oklahoma, hub also declined to the least since January.
Crude’s winning stretch comes as major OPEC+ producers curtail supply, and are expected to roll those cuts into October. Key timespreads continue to point to tightness, underscoring a more robust market than earlier in the year, when prices sagged.
Despite the increases, market moves have been subdued in recent days, with volatility falling to the lowest since early 2020.
To get Bloomberg’s Energy Daily newsletter direct into your inbox, click here.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.