NEW YORK: Oil held gains after a five-day advance, driven by a slump in US inventories and speculation that the Organisation of Petroleum Exporting Countries and its allies (Opec+) will prolong supply cuts.
West Texas Intermediate traded near US$82 a barrel, after advancing 3.5% in the longest run of daily gains since March.
Stockpiles in the United States fell by 10.6 million barrels last week, cutting them to the lowest since December.
Inventories at the key Cushing, Oklahoma, hub also declined to the least since January.
With a small gain yesterday, crude is on track for its longest run of increases since January.
That stretch comes as key Opec+ producers curtail production, and are expected to roll those cuts into October. — Bloomberg