NEW YORK: Brent crude oil rose for a fourth straight session yesterday, gaining over $1 a barrel as conviction strengthened that monetary stimulus measures from major central banks would stay in place for the time being.
Brent crude for August delivery was up $1.27 at $102.93 a barrel by 11:46am EDT (1546 GMT). It was on track for its longest stretch of daily gains since mid-March. US crude was up $1.53 cents at $97.03 a barrel.
Turmoil and outages in oil-producing regions also lent support to Brent. US petrol stocks surged 3.65 million barrels in the week ended June 21, in the summer driving season, data from the US Energy Information Administration showed on Wednesday. Analysts had expected a more modest build of 900,000 barrels. Reuters
