Oil holds on to gains on tighter market outlook

West Texas Intermediate traded near US$82 a barrel, after advancing 3.5% in the longest run of daily gains since March.

NEW YORK: Oil held gains after a five-day advance, driven by a slump in US inventories and speculation that the Organisation of Petroleum Exporting Countries and its allies (Opec+) will prolong supply cuts.

West Texas Intermediate traded near US$82 a barrel, after advancing 3.5% in the longest run of daily gains since March.