U.S. oil futures jumped above $60 a barrel on Wednesday to mark their highest finish in seven weeks, following a fourth straight weekly decline in U.S. crude inventories.
The expected formation of a tropical cyclone by Thursday in the Gulf of Mexico, meanwhile, raised concerns of potential disruptions to oil and natural-gas production in the region, providing further support to oil prices.
Weakness in the dollar, following remarks from Federal Reserve Chairman Jerome Powell, also provided a boost U.S. crude benchmark prices, which are traded in the greenback.
August West Texas Intermediate oil rose $2.60, or 4.5%, to settle at $60.43 a barrel on the New York Mercantile Exchange.
That was the highest finish since May 22 and marked a fifth straight consecutive session climb, the longest stretch of gains since February, FactSet data show.
Source : Market Watch