Oil builds momentum with fourth day of gains | Financial Times

Oil builds momentum with fourth day of gains | Financial Times:

Is the pain finally over for oil bulls? Oil prices are on track for their fourth straight session of gains, suggesting a possible end is in sight to several weeks of steady declines.

In midday trading, the price of West Texas Intermediate, the US standard, was up 1.26 per cent to $67.27 a barrel, while Brent, the international benchmark, had advanced 0.43 per cent to $72.52.

The move higher comes as the market balances the impending bite on supply from Iran sanctions with the announcement yesterday that the US had approved the sale of crude oil from its Strategic Petroleum Reserves to help inject additional supplies into the global oil market.