WTI Crude Oil climbed toward $79 per barrel on Thursday, rising for the fourth straight session as an expected surge in travel for the holiday season is threatening to exacerbate tightening US energy supplies.
Latest data showed that US crude inventories fell by 5.89 million barrels last week, much more than market forecasts for a 1.66 million barrel drop. US distillate stocks, which include heating oil and jet fuel, also declined, defying expectations for a build.
Oil prices were also supported by an improving demand outlook in top crude importer China, as the country appeared intent on ending its strict zero-Covid policy and delivering more pro-growth measures centered on reviving consumption.
Meanwhile, investors remain cautious as major central banks are expected to tighten policy further, raising the risk of a global economic slowdown next year.