Oil rises for fifth day as supply draw adds to Covid-19 vaccine optimism

Oil rose for a fifth day — the longest run of gains since May — as a surprise drop in US crude stockpiles and a weaker dollar provided more impetus to a rally that’s been driven by vaccine breakthroughs.

Futures in New York climbed as much as 0.5% in early Asian trading to approach $46 a barrel. American oil inventories fell 754,000 barrels last week, according to Energy Information Administration data, compared with the median analyst estimate for a 225,000 barrel build. A dollar index fell, taking its decline this month to 2.5%, boosting the appeal of commodities priced in the currency.

Crude has jumped around 28% in November as signs Covid-19 vaccines could be rolled out within weeks improved the energy demand outlook.