(Bloomberg) — Oil extended a string of marginal gains to settle above $72 a barrel amid uncertainty over global supplies and a slumping dollar that made commodities priced in the currency more attractive.
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Crude has risen for three straight sessions on the prospect of supplies tightening after the disruption of a key Kazakh pipeline and reports that OPEC+ may push back a planned production increase.
Although trading has calmed after a tumultuous start to the year, investors liquidating their positions in West Texas Intermediate’s so-called prompt spread ahead of contract expiry pressured futures late in the session. The spread has been flirting with a bearish contango structure in recent days.
Still, prices remain locked in a narrow range this month as the market becomes increasingly numb to the array of changes that US President Donald Trump is seeking to implement.
“Prices will likely remain rangebound, continuing to move with headlines,” Royal Bank of Canada analysts including Brian Leisen wrote in a note, adding that “as more time passes without the market realizing a substantial catalyst,” traders will tend to position themselves closer to average prices.
In the US, government figures showed commercial oil inventories grew 4.63 million barrels last week, the fourth straight buildup and a bigger increase than projected by an industry group and Bloomberg users.
Gasoline futures popped after the report on signs refiners are shifting their operations to produce less of the motor fuel and more diesel, which is increasingly in demand because of cold weather in the US. Most-active gasoline futures climbed as much as 0.9%, reversing earlier losses.
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–With assistance from Mia Gindis, Nathan Risser and Alex Longley.
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