Oil Rising for 3rd Straight Day on IEA Report

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Oil Rising for 3rd Straight Day on IEA Report

US benchmark oil prices climb 1.6% to $91.34 a barrel and are on track for a third consecutive day of gains after two sessions of steep declines at the start of the week. “Crude oil is higher as the IEA says OPEC+ output lagged target’s by 900k b/d in January,” says Peter Cardillo at Spartan Capital. “We see oil prices turning a blind eye to rising yields as the march towards $100 remains on solid ground.” At current levels, WTI crude would finish the week with a small, 98 cents, or 1.1% weekly decline after seven straight weekly increases.