Oil futures rose for an eighth straight day in New York as a decline in U.S. crude inventories further highlighted depleting global supplies. The rally of about 0.6% extended the longest streak of daily gains since February 2019. A U.S. government report showed domestic oil stockpiles fell by 6.6 million barrels to the lowest since March, though the data also pointed to gasoline supplies rising to the highest since June. Underpinning crude’s rally, the spread between Brent’s nearest contracts has surged this week in another sign of tightening supplies amid OPEC+ production curbs. Citigroup expects Brent crude to reach $70 a barrel by the end of the year, with the producer group’s output agreement helping erode inventories and demand looking stronger than expected. “It was good to see the crude draw wasn’t just from one area, but constructive that it was throughout the whole U.S.,” said Brian Kessens, a […]