Oil remains high for 9 sessions in row

Oil remains high for 9 sessions in row

Mubasher: Oil futures ended Thursday’s session in green, recording its ninth successive growth, which is considered oil’s longest gaining streak in around nine years.

February NYMEX WTI increased by $0.23, or 0.4%, to close at $52.59 per barrel.

The improvement in prices is the result of the cuts in the Saudi output under the production reduction agreement enforced members and non-members of Organization of the Petroleum Exporting Countries (OPEC) with the start of 2019, along with a decline in the US crude inventories.