WTI Holds Gains After 4th Straight Weekly Crude Build, Product Draws
Oil prices managed to hold on to gains today as supply concerns continued and falling temperatures in China revived concerns over whether the world’s biggest energy consumer can meet domestic heating needs (and Russia suggesting that it may not provide additional natural gas to European consumers amid an energy crunch in the region didn’t help the bear case across the energy complex). The global benchmark Brent closed above $85 a barrel for the first time since October 2018.