Oil extends gains on US strategic reserve purchase

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Oil prices inched higher on Monday, extending gains for a second session as U.S. efforts to replenish strategic reserves provided some support, although concerns of crude oversupply and softer fuel demand growth next year lingered.

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11 Dec 2023

Oil prices inched higher on Monday, extending gains for a second session as U.S. efforts to replenish strategic reserves provided some support, although concerns of crude oversupply and softer fuel demand growth next year lingered.

Brent crude futures rose 11 cents, or 0.2%, to $75.95 a barrel by 0119 GMT, while U.S. West Texas Intermediate crude futures were at $71.30 a barrel, up 7 cents, or 0.1%.

Both contracts jumped more than 2% on Friday but fell for the seventh straight week, their longest streak of weekly declines since 2018, on lingering oversupply concerns.

The recent price weakness drew demand from the U.S., which has sought up to 3 million barrels of crude for the Strategic Petroleum Reserve (SPR) for delivery in March 2024.

«We know the Biden Administration is in the market looking to refill the SPR, which