EnergyWatch

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

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.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Ørsted forced to delay coal phase out

The Danish authorities have ordered Ørsted to continue operations of one coal fired power plant and resume operations on two others until 2024. The utilty maintains aim of CO2-neutrality in 2025.

Further reading

Related articles

Latest News

See all jobs