Oil extends gains on US strategic reserve purchases

New Delhi, Dec. 11 (BNA): 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 0.7%, or 56 cents, to $76.40 a barrel by 0735 GMT, while U.S. West Texas Intermediate crude futures were at $71.71 a barrel, also up 0.7%, or 48 cents, Reuters reported.


Both contracts jumped more than 2% on Friday but fell for the seventh straight week, their longest streak of weekly declines since 2018, on lingering oversupply concerns.





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