Oil sees longest streak of gains in more than a year

RIGZONE | Oil posted its longest streak of gains in more than a year, buoyed by output cuts across the globe that have whittled away at a stubborn supply glut.


Futures climbed 1.3% in New York. U.S. supply data showed crude inventories fell for a second week after climbing steadily since January and stockpiles at the storage hub at Cushing, Oklahoma declined by a record. OPEC and its allies are reducing output and IHS Markit Ltd. says U.S. oil producers are also curtailing about 1.75 million barrels a day of existing production by early June.


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