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WTI Crude Extends Gains for 5th Day Continued.

WTI crude futures extended gains for the fifth straight session to above $87.5 per barrel hovering at seven-year highs, supported by ongoing supply concerns and prospects of strong demand.

The International Energy Agency (IEA) on Wednesday said that OPEC+ produced about 800,000 barrels per day (bpd) below its production targets in December, and that the oil market could be in a significant surplus in the first quarter of this year.

In addition, heightened geopolitical tensions following an attack by Yemen’s Houthis on the United Arab Emirates have also provided some support. On the data front, both the API and EIA reports showed US crude stocks unexpectedly rose last week.