Oil extended gains above $54 a barrel in the longest winning streak in three months as US industry data showed both crude and gasoline inventories declined last week. Crude stockpiles dropped by 5.09 million barrels, while gasoline supplies fell by 7.7 million last week, the American Petroleum Institute was said to report. US oil inventories probably decreased a fifth time in six weeks, according to a Bloomberg survey before government data Wednesday. An Energy Information Administration report Wednesday is forecast to show US crude inventories fell by 1.3 million barrels last week, according to the median estimate in a Bloomberg survey of analysts. Daily exports of American crude climbed for the sixth time in seven weeks to 1.92 million barrels in the week ended Oct. 20, according to EIA data.

Source: The Standard November 01, 2017 12:11 UTC