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Oil set for longest rally this year as oversupply concerns ease

The oil price looks set to experience its longest period of growth in six months. But oil prices in New York and London are still on track for a loss in June – a month in which prices typically gain.

Photo: /ritzau/Nabil al-Jurani/Arkiv
BY GRANT SMITH & BEN SHARPLES, BLOOMBERG

Oil headed for the longest run of gains in six months as a drop in US crude production and gasoline stockpiles eased concern that OPEC-led supply curbs were proving ineffective.

Futures added as much as 1 percent in New York, advancing for a seventh session. US crude output last week fell by the most in almost a year amid field maintenance in Alaska and tropical storm Cindy, while gasoline inventories fell for a second week. OPEC and its partners are not worried about the market recovery and don't plan to discuss deeper cuts, said United Arab Emirates Energy Minister Suhail Mazrouei.

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