Markets

Oil Advances as Inventories Slip, Demand Increases: Report

Oil gained for a fourth day after the Energy Department reported that inventories decreased to a two-month low last week as demand strengthened, Bloomberg reported.

Prices headed for the longest winning streak since September as stockpiles fell to 371.6 million barrels, the least since Oct. 12, and petroleum consumption rose to the second- highest level this year. Demand for distillate fuels including heating oil and diesel increased to the most this year.

Crude oil for January delivery rose $1.35, or 1.5%, to $89.28 a barrel on the New York Mercantile Exchange. Oil traded at $88.40 before release of the inventory report at 10:30 a.m. Crude for February delivery rose $1.42, or 1.6%, to $89.82.

Brent for February rose $1.24, or 1.1%, to $110.08 a barrel on the London-based ICE Futures Europe exchange.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More