(Bloomberg) — Oil headed for a second weekly gain as US crude stockpiles continued to fall and as futures breached a key technical threshold.
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West Texas Intermediate traded above $73 a barrel after rising 2% on Thursday to the highest level since mid-October. Brent closed near $76. US nationwide inventories dropped for a sixth straight week, and stockpiles remain well below the five-year seasonal average.
Oil has broken out of a narrow range it’s been trading in since the mid-October, with a move by both benchmarks above their 100-day moving average leading to algorithmic buying. The outlook for the year remains uncertain, however, with expectations for oversupply, the possible return of OPEC+ barrels and lackluster demand from top importer China.
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