Oil futures on Thursday lifted gains that took crude to one-year highs, backed by expectations that the Organization of the Petroleum Exporting Countries and its allies will continue to hold on to yields as the global economy recovers from COVID-19 pandemic.
“A positive report from OPEC + yesterday continues to fill the news and may be touching the price of oil, despite a stronger dollar and less bullish U.S. inventory data than before. to appear in Tuesday. [American Petroleum Institute] figures, ”Stephen Innes, Axi ‘s chief global markets strategist, said in a note.
West Texas Raw Intermediate for Delivery in March CL.1,
CLH21,
rose 45 cents, or 0.8%, to $ 56.14 a barrel on the New York Mercantile Exchange. April Brent crude BRN00,
BRNJ21,
the global benchmark, up 41 cents, or 0.7%, at $ 58.87 a barrel on ICE Futures Europe.
WTI was on track for a fourth straight win after finishing Wednesday at its highest level since January, while Brent was aiming to extend the win streak to five days after closing at the highest level since February 21st.
Gains for crude came after data showed a smaller-than-expected fall in U.S. investments on Wednesday, coupled with a rise in gasoline supply, while OPEC and its allies made no change to yield curves at a monthly meeting.