Oil prices rise, notching 4-day winning streak

NEW YORK, Oct. 6 (Xinhua) -- Oil prices advanced on Thursday for a fourth straight session, with both crude benchmarks hitting their multi-week highs.

The West Texas Intermediate for November delivery increased 69 cents, or 0.8 percent, to settle at 88.45 U.S. dollars a barrel on the New York Mercantile Exchange. It marked the highest finish since Sept. 14 for the U.S. crude standard, according to Dow Jones Market Data.

Brent crude for December delivery added 1.05 dollars, or 1.1 percent, to close at 94.42 dollars a barrel on the London ICE Futures Exchange, the highest since Sept. 5.

The above moves came one day after major producers announced a big production cut.

The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, on Wednesday decided to reduce production by 2 million barrels a day starting in November in a bid to shore up prices.

Concerns about demand amid growing recession risks and the sharp appreciation of the U.S. dollar caused oil prices to fall at the end of September to their lowest level since January.

Oil also garnered some support from a drop in U.S. fuel stockpiles.

The U.S. Energy Information Administration reported Wednesday that the nation's commercial crude oil inventories decreased 1.4 million barrels during the week ending Sept. 30, while gasoline stocks and distillate fuel inventories fell 4.7 million barrels and 3.4 million barrels, respectively.

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