Oil Rallies for Fourth Day as U.S. Crude Build Seen Slowing
- WTI prompt futures spread is at its tightest level in a month
- TRC’s effort to mandate production cuts is ‘dead’: Sitton
Oil tankers are seen anchored in the Pacific Ocean in this aerial photograph taken above Long Beach, California, U.S., on May 1.
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
Oil rallied for a fourth day as the pace of stockpile builds at the key U.S. storage hub slowed last week.
Futures rose 3.1% in New York Monday, closing above $20, after Genscape reported a 1.8 million-barrel build in inventories in Cushing, Oklahoma, the delivery point for West Texas Intermediate crude. If the U.S. government reports a similar number Wednesday, it would mark the smallest increase at the hub since mid-March.