Oil Extends Longest Rally in 2 Years With U.S. Supplies Dropping
- Domestic crude inventories fell 6.6 million barrels last week
- Citi sees Brent crude likely reaching $70 a barrel by year-end
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Oil futures rose for an eighth straight day in New York as a decline in U.S. crude inventories further highlighted depleting global supplies.
The rally of about 0.6% extended the longest streak of daily gains since February 2019. A U.S. government report showed domestic oil stockpiles fell by 6.6 million barrels to the lowest since March, though the data also pointed to gasoline supplies rising to the highest since June.