U.S. oil posts longest streak of gains since February after big weekly U.S. inventory drawdown

us-oil-posts-longest-streak-of-gains-since-february-after-big-weekly-us.-inventory-drawdown

Crude oil futures finished solidly higher Wednesday after data showed a big drop in U.S. crude inventories, pointing to more robust demand despite the threat of the omicron variant of COVID disrupting some business activity and holiday travel. West Texas Intermediate crude for February delivery CLG22, +0.80% CL00, +0.80% CL.1, +0.80% was trading 58 cents, or 0.8%, higher to settle at $76.56 a barrel on the New York Mercantile Exchange, after the U.S. benchmark rose 0.5% on Tuesday to mark the loftiest settlement since Nov. 24. The sixth straight session of gains for WTI marked its longest string of gains since an eight-session rally ended Feb. 10, FactSet data show.

Source: Marketwatch

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