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 crude futures rose 49 cents, or 0.63%, to $78.78 a barrel.
Distillate stocks, which include heating oil and jet fuel, also declined, going against expectations for a build.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. "On our numbers ... the crude market is finely balanced," said Baden Moore, National Australia Bank's head of commodity research.
Demand worries, however, stemming from China's COVID-19 surge and fears of a global recession may keep oil futures in check.
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