West Texas Intermediate climbed for a fourth day as U.S. refiners boosted crude processing to the highest rate this year and industrial profits increased in China, the world’s second-largest oil consumer.
Futures gained as much as 0.7 percent in New York to post the longest rising streak since May 20. U.S. refineries operated at 90.2 percent of combined capacity last week even as stockpiles rose, government data showed yesterday. Profit at Chinese industrial companies was up 16 percent in May from a year earlier, according to China’s National Bureau of Statistics today. WTI breached a technical-resistance level that capped price gains the past week.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.