Oil futures climbed Thursday, with the U.S. benchmark posting its seventh weekly rise in a row—the longest streak of weekly gains in about five years.
Traders weighed the outlook for global supplies ahead of the June expiration of the production-cut agreement among members and some nonmembers of Organization of the Petroleum Exporting Countries.
On Thursday, the U.S. benchmark, West Texas Intermediate crude for May delivery tacked on 24 cents, or 0.4%, to settle at $64 a barrel on the New York Mercantile Exchange. Prices saw back-and-forth action during the session, leaving futures up 0.2% for the holiday-shortened week. It has now climbed for seven straight weeks, the longest streak of gains since the seven-week rise ended Feb. 28, 2014, according to Dow Jones Market Data.
June Brent crude the global benchmark, added 35 cents, or 0.5%, to $71.97 a barrel on ICE Futures Europe. Brent gained 0.6% for the week, its fourth consecutive weekly rise.
Source : Marketwatch