image credit: Pexels

Oil heads for fifth straight gain, buoyed by expected drop in U.S. stockpiles

July 10, 2019


Oil prices shot higher Wednesday, working toward a string of five uninterrupted daily gains, as preliminary U.S. data showed a larger-than-expected drop in supply.

The price gain was also due to several companies having “evacuated and reduced production at their offshore platforms in the Gulf of Mexico following a warning that a tropical disturbance is set to turn into a storm later this week,” JBC Energy analysts reported, according to the Wall Street Journal.

Read More on Market Watch