Oil rises for the fifth day in a row

Oil prices rose for the fifth consecutive day after US oil inventories data, with Brent crude achieving 44% gains since the beginning of this year so far, supported by the recovery in global demand for oil and the production cuts led by OPEC.

The US Energy Information Administration said crude stocks fell by 7.4 million barrels in the week ending June 11, with refining use rising to 92.6%, the highest level since January 2020. Brent crude futures rose 0.5% to $74.39 a barrel, the highest level since April 2019, and US West Texas Intermediate crude futures rose to $72.15 a barrel, after rising earlier in the session to $72.99, the highest level since October 2018.