Oil prices climbed for a fourth straight day on Thursday with U.S. crude, heating oil and jet fuel stocks growing tighter just as a wintry blast hits the United States and travel is set to soar for its holiday season.
Brent crude futures gained 44 cents, or 0.54%, to $82.64 at 0422 GMT, extending gains of around 2.7% from the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 49 cents, or 0.63%, to $78.78 a barrel.
Both benchmark contracts jumped on Wednesday after government data showed U.S. crude inventories fell by much more than analysts had expected, posting a drop of 5.89 million barrels for the week ending on Dec. 16. Distillate stocks, which include heating oil and jet fuel, also declined, going against expectations for a build.
The falling stockpiles come as demand for heating oil is set to soar with a powerful winter storm hitting the United States, with sub-zero wind chills expected as far south as Texas and record-breaking lows forecast for Florida and eastern states.
Stocks Extend Advance Into Asia as Dollar Weakens
Meanwhile, Stocks rallied in Asia Thursday, putting a gauge of the region’s equities on course to snap five days of declines after US shares climbed on improved consumer confidence and better-than-expected earnings.
The biggest moves were in Hong Kong, where the benchmark index rose more than 2%. Technology and property companies led the charge after a slew of comments from regulators on supporting the broader economy and real estate developers.
Shares also jumped in Japan, South Korea and Australia. US and European futures were higher following a surge of 1.5% in both the S&P 500 and the Nasdaq 100 on Wednesday. Treasuries rose slightly in Asia after a mixed US session as the immediate fallout from the Bank of Japan’s surprise policy shift began to ebb. The 10-year Japanese government bond yield targeted by the BOJ fell to 0.4%, compared with the central bank’s new upper limit of 0.5%. Government bond yields were up in Australia and down in New Zealand.
