Oil Set for Weekly Gain as Crude Stockpiles and Dollar Decline
Futures have climbed 3.8 percent in New York this week after reaching the highest since December 2014 on Thursday. Crude stockpiles fell for a 10th week to the lowest level since February 2015, according to Energy Information Administration data Wednesday. The weaker dollar has made oil more attractive to investors.
Oil resumed gains this week after Saudi Arabia and Russia pledged to continue coordinated supply cuts to drain a global glut. A challenge for the Organization of Petroleum Exporting Countries and its allies is expanding U.S. output, which rose last week to the highest level in more than three decades.
U.S. crude inventories fell by 1.07 million barrels last week to 411.6 million, according to EIA data. Oil production climbed to 9.88 million barrels a day, a record in weekly data compiled by the agency since 1983.
more at: https://www.bloomberg.com/news/articles/2018-01-26/oil-trims-weekly-gain-as-u-s-stockpiles-extend-record-decline