Oil holds longest run of gains this year before US supply data

Bloomberg

Oil traded near $53 a barrel, holding its longest winning streak this year before US government data forecast to show record crude stockpiles declined.
Futures were little changed in New York after rising 5.7 percent in the previous five sessions. Inventories probably dropped by 1.5 million barrels last week, according to a Bloomberg survey before an Energy Information Administration report on Wednesday. Libya declared force majeure at a key export terminal as its biggest field stopped producing just a week after reopening.
Oil has rallied above $50 a barrel after some members of the Organization of Petroleum Exporting Countries voiced support for an extension of production cuts past June, offsetting rising US output. The curbs have stabilized the market, according to Russia, which is among 11 other nations outside the group that have joined in the pact aimed at easing a global glut.
“People have been picking up on the bullish indicators in the market ahead of the seasonal draw in crude stocks,” said David Wech, an analyst at JBC Energy GmbH in Vienna.
West Texas Intermediate for May delivery was at $53.09 barrel on the New York Mercantile Exchange, up 1 cent, at 9:17 a.m. London time.