EnergyWatch

Oil extends longest gain of 2017 as Saudis seen extending curbs

Oil has seen its longest gain since December out of confidence that Saudi Arabia will support OPEC output cuts.

Photo: /ritzau/Nabil al-Jurani/Arkiv

Oil advanced for a seventh day in New York, the longest gain since December, on confidence Saudi Arabia will support an extension to OPEC-led output cuts just as US stockpiles show signs of shrinking.

Futures in New York were holding gains after rising 6.3 percent in the previous six sessions. Saudi Arabia is likely to back prolonging the curbs into the second half of 2017 in an effort to boost prices, according to a person familiar with the kingdom's internal discussions. Several other countries, including Kuwait, have also expressed public support for an extension. Industry data was said to show US crude supplies fell last week.

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