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Oil set for longest gain since 2012

Oil advanced for an eighth day on speculation Saudi Arabia will support an extension to output cuts

oil, crude, brent, pump jack
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A pump jack

Grant Smith & Mark Shenk | Bloomberg
Oil advanced for an eighth day in London, the longest gain since 2012, on speculation Saudi Arabia will support an extension to Opec-led output cuts just as stockpiles show signs of shrinking.

Brent futures rose as much as 0.8 per cent, after climbing 6 per cent in the previous seven sessions. Saudi Arabia is likely to back prolonging the curbs into the second half of 2017 in an effort to boost prices, according to a person familiar with the kingdom’s internal discussions. Several other countries, including Kuwait, have also expressed public support for an extension. Industry data was said to show