Oil futures climbed on Wednesday, with U.S. prices up a fifth consecutive session. “Hopes of a strong rebound in Chinese oil demand, fears surrounding the coming [Group of Seven] price cap on Russian refined products, and a weakening dollar is providing support to oil prices this week,” said Troy Vincent, senior market analyst at DTN. Meanwhile, the Energy Information Administration report showing a “massive” 19 million barrel build to commercial crude “stocks largely reflects the continued slower pace of refinery runs following shut-ins during the recent winter storm, coupled with the passing of the ad valorem tax season, which incentivizes keeping barrels offshore until the new year — and helps explain the reported surge in net-imports of crude,” he said. The U.S. benchmark WTI crude for February delivery CLG23 rose $2.29, or nearly 3.1%, to settle at $77.41 a barrel on the New York Mercantile Exchange.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.