Oil set for longest run of gains in two years as stockpiles fall: Report

Oil is poised for the longest winning streak in almost two years after an industry report pointing to another decrease in US crude stockpiles added impetus to a new year rally driven by Saudi Arabian output cuts.

Futures in New York rose for a seventh session toward $54 a barrel, heading for the longest run of gains since February 2019. The American Petroleum Institute reported crude inventories dropped by 5.82 million barrels last week, according to people familiar with the figures. If confirmed by official government data on Wednesday, it would be a fifth weekly draw.

Crude is also getting a boost from a weaker dollar, which is making raw materials like oil that are priced in the currency more attractive to investors. Saudi Arabia, meanwhile, trimmed supply to at least nine refiners in Asia and Europe for February after flagging additional production curbs last week.