Oil Rises as Report Shows U.S. Stockpiles Drop
Oil rose for a second day after an industry report showed another drop in U.S. inventories.
West Texas Intermediate rose near $75 a barrel, after rising 1% on Tuesday. Brent settled above $77. The American Petroleum Institute reported that stockpiles fell 4 million barrels last week, which would be the seventh straight decline and the longest losing streak in three years if confirmed by government data late Wednesday.
Oil pushed higher on Tuesday, reversing earlier losses as cold weather in the U.S. boosted demand for heating fuel and raised the risk of a freeze in production areas. Futures have seen a strong start to the year on the back of technical buying after prices broke out of a monthlong range, even as many analysts continue to warn of a supply glut later in the year.
Source: Bloomberg