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May 27, 2021, 2:45 p.m. EDT

Oil futures up a 5th session for longest winning streak since February

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By Myra P. Saefong

Oil futures settled higher on Thursday, stretching their streak of consecutive gains to a fifth session, the longest run since an eight-session climb ended on Feb. 10. The price climb followed data released Wednesday that revealed a decline in U.S. supplies of crude, gasoline and distillates. Traders, however, continue to eye developments tied to talks over the Iran nuclear deal, as an agreement would likely lead the U.S. to lift sanctions on Tehran, allowing it to raise oil exports. The Organization of the Petroleum Exporting Countries and their allies, meanwhile, will hold a meeting on Tuesday to discuss plans for production. West Texas Intermediate oil for July delivery climbed by 64 cents, or 1%, to settle at $66.85 a barrel on the New York Mercantile Exchange.

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