(Bloomberg) -- Oil steadied after its longest weekly losing streak in five years, driven by signs that supply is starting to run ahead of demand.Most Read from BloombergPenn Leaders Out After Genocide Response, Alumni PressureBiden’s Support of Israel Alienates More Democrats in New PollBattery Startup ONE Demotes Founder and CEO During Cash CrunchBig Tech’s Ability to Deliver on AI Profits Looms Over S&P 500Global benchmark Brent traded above $76 a barrel after logging seven weeks of declines,
NEW DELHI (Reuters) -Oil prices rose on Monday, extending gains for a second session as U.S. efforts to replenish strategic reserves provided some support, although concerns of crude oversupply and softer fuel demand growth next year persisted. Brent crude futures rose 0.6%, or 48 cents, to $76.32 a barrel by 0406 GMT, while U.S. West Texas Intermediate crude futures were at $71.61 a barrel, up 0.5%, or 38 cents. The recent price weakness drew demand from the U.S., which has sought up to 3 million barrels of crude for the Strategic Petroleum Reserve (SPR) for delivery in March 2024.
Investing.com-- Oil prices rose slightly in Asian trade on Monday as data released last week showed some resilience in the U.S. economy, although traders were largely on edge before a string of central bank meetings this week, most notably the Federal Reserve.