Oil prices have risen for six consecutive days, according to Bloomberg.

Oil has continued its longest streak of increases in the past 16 months, driven by a risk-on sentiment in the markets.

According to Bloomberg,

the price of Brent crude fluctuates around $77 per barrel following a six-day rally that lifted futures to their highest level since mid-October. The cost of West Texas Intermediate is approximately $74 per barrel.

Last week, both key oil benchmarks surpassed their 100-day moving averages, partly due to a decrease in inventories in the U.S. This pushed oil out of the narrow price range it had been in since mid-October and spurred algorithmic buying.

Meanwhile, the outlook for the oil market remains uncertain as the year comes to a close. Expectations of oversupply, a potential recovery in production from OPEC+ countries, weak demand from China – the largest importer – and political unpredictability, including the possible return of Donald Trump to the White House, add extra pressure.

Background. Earlier, Mind reported that oil prices are rising weekly. Brent crude has increased by 2.2% over the week, while WTI prices rose by 3.5%.