Oil rally extends for 9th day on OPEC+ cuts, demand hopes
Oil extended its rally for a ninth day on Wednesday, its longest winning streak in two years, supported by producer supply cuts and hopes that vaccine rollouts will drive a recovery in demand.
The American Petroleum Institute said on Tuesday crude inventories fell by 3.5 million barrels, versus expectations for a 985,000-barrel build. The Energy Information Administration’s official stocks report is due at 1530 GMT.
Brent crude was up 42 cents, or 0.7%, at $61.51 by 1115 GMT after touching a 13-month high of $61.61 earlier in the session. US crude was up 32 cents, or 0.6%, to $58.68, having touched $58.76, also a 13-month high.
