Oil Posts Longest Streak of Gains in More Than a Year
- U.S. producers cutting nearly 2 million barrels a day: IHS
- WTI crude futures advance for sixth straight session
A puff of smoke blows away from the Nordic Luna, a Suezmax crude oil tanker operated by Nordic American Tankers Ltd.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Oil posted its longest streak of gains in more than a year, buoyed by output cuts across the globe that have whittled away at a stubborn supply glut.
Futures climbed 1.3% in New York. U.S. supply data showed crude inventories fell for a second week after climbing steadily since January and stockpiles at the storage hub at Cushing, Oklahoma declined by a record. OPEC and its allies are reducing output and IHS Markit Ltd. says U.S. oil producers are also curtailing about 1.75 million barrels a day of existing production by early June.