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DJ WTI Oil Prices End at Highest in a Year -- Market Talk

· 02/04/2021 14:41

14:40 ET - US benchmark oil prices end a choppy session 1% higher at a fresh, 1-year-high of $56.23 a barrel amid tightening global supplies and expectations for a strong recovery in demand by the spring. WTI crude's increase marks four straight sessions of gains and sets it on course for one of its biggest weekly gains in months. Bob Yawger at Mizuho says declining US oil inventories, including a big drop in stockpiles at the US storage hub in Cushing, Okla., are providing fundamental support for price. He says further lift is coming from hopes for an economy-boosting US stimulus package, and rising overall risk appetite as US stock markets rise. (dan.molinski@wsj.com)

(END) Dow Jones Newswires

February 04, 2021 14:41 ET (19:41 GMT)

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