Oil prices rose on Tuesday, extending gains from a strong start to the week and on track for fresh three-year highs, as investors awaited an update on U.S. supply.
Prices for both contracts soared to the highest levels since December 2014 on Thursday, and WTI and Brent scored weekly gains of 1.7% and 1.1%, respectively. A string of weekly drops in crude supplies and concerns over unrest in Iran have been drivers for that rally. A weekly decline in the number of U.S. drilling rigs led both contracts to a higher close on Monday.
The stream of weekly data on U.S. supply will begin on Tuesday with a release from the American Petroleum Institute, which is followed by Wednesday’s Energy Information Administration report. Analysts surveyed by S&P Global Platts predict oil stockpiles fell 3.5 million barrels last week. That’s as oil production hit record highs the past month.
February natural gas
added 0.6% to $2.852 per million British thermal units.
— Biman Mukherji contributed to this report