Oil prices climb past 10-month record on rallying global markets
By Elizabeth Low and Alex Longley on 12/17/2020
(Bloomberg) –Oil extended gains from the highest settlement in almost 10 months after broader markets rallied and American crude stockpiles declined more than expected.
Futures in New York rose 0.5% to above $48 a barrel. Crude inventories dropped by 3.14 million barrels last week, more than the median estimate in a Bloomberg survey. Equity markets rallied and the dollar fell as optimism grew around a $900 billion U.S. spending package, while Europe expedited the rollout of a Covid-19 vaccine before Christmas.