Oil Posts Weekly Gain as Hurricane, Stockpile Drop Extend Rally
- Beryl expected to intensify as it approaches US Gulf Coast
- US crude inventories declined most in almost a year last week
A damaged home following Hurricane Beryl in Saint Elizabeth Parish, Jamaica, on July 4.
Photographer: Joe Raedle/Getty Images
This article is for subscribers only.
Oil posted its fourth straight weekly advance, with declining US stockpiles and Hurricane Beryl extending crude’s early-summer rally.
West Texas Intermediate fell to settle near $83 a barrel on Friday, but still cemented a 2% weekly advance. The American benchmark hasn’t risen for four consecutive weeks since August 2023.