NEW YORK: Oil prices climbed on Thursday, bringing the US crude benchmark to notch a six-day winning streak, bolstered by positive sentiment, reported Xinhua.
The West Texas Intermediate for February delivery gained 98 cents, or 1.27 per cent, to settle at US$78.39 a barrel on the New York Mercantile Exchange. Brent crude for March delivery added US$1.36, or 1.65 per cent, to close at US$84.03 a barrel on the London ICE Futures Exchange.
Prices continued to garner support from improved demand prospects in China amid the country’s efforts to optimise the epidemic response and reopen its economy.
Traders also digested December US consumer prices data that pointed to signs of cooling in inflation.
The US consumer price index fell 0.1 per cent last month, in line with the consensus, for a 6.5 per cent year-on-year increase, following a 7.1 per cent year-on-year increase in November, the Labor Department reported on Thursday. -Bernama
