Oil futures prices held near roughly five-month highs in subdued Wednesday trading, trying to extend their win streak to four sessions.
Bulls continued to find encouragement in signs of tightening supplies and fading worries over global economic growth.
West Texas Intermediate crude for May delivery on the New York Mercantile Exchange was up 2 cents, or less than 0.1%, at $62.61 a barrel. It closed Tuesday at $62.58 — its highest finish since Nov. 5.
The global benchmark, June Brent crude was up 24 cents, or 0.4%, at $69.61 a barrel. Its finish Tuesday, at $69.37 on the ICE Europe exchange, marked its highest close since Nov.12.
Futures prices have climbed this year on signs of reduced global supplies after efforts by major oil producers to curb production. Members of OPEC and other major oil producers, including Russia, have pledged to curb crude production by around 1.2 million barrels a day from October levels for the first half of this year to prop up prices.
Source : MarketWatch