NEW YORK : Oil was trading near $43 a barrel in New York on signs US crude stockpiles extended declines for a sixth week, easing a glut.
The American Petroleum Institute reported crude inventories dropped by 6.36 million barrels last week, according to people familiar with the figures. That would be the longest run of declines this year if confirmed by government data on Wednesday. The dollar was stronger in European trading hours, causing crude to pare some earlier gains.
There were also positive technical signs as US crude’s 50-day moving average rose above the 200-day marker for the first time in more than six months, forming a so-called golden cross.
