09 Jan – Oil stretches streak of gains to 7th session on positive sentiment
On January 8, oil benchmarks extended their recent rebound and rose for the seventh consecutive session amid easing oversupply fears after media reports indicated that Saudi Arabia is planning to further cut its crude oil exports and a positive sentiment was generated by the trade talks between the US-China, which extended into an unscheduled third day.
West Texas Intermediate crude oil for February delivery gained $1.26 to settle at its highest level since December 17, 2018, at $49.78/barrel on the New York Mercantile Exchange (NYMEX). Brent crude oil futures for March delivery also rose by $1.39 to $58.72/barrel on ICE Futures Europe, marking the longest streak of increases in around 18 months.
However, both of the global benchmarks remain more than 30% below their multi-year highs posted in October last year.
On another note, the American Petroleum Institute (API) reported that the US crude oil inventories fell by 6.27 million barrels for the week ended January 4.