After falling in early Asia trade, oil prices firmed up on Wednesday morning ET and extended their rally for nine straight days—the longest streak of consecutive daily gains in two years.
As of 9:17 a.m. ET on Wednesday, WTI Crude was up 0.29 percent at $58.47. Brent Crude was trading up 0.49 percent at $61.34.
The supply curbs from OPEC+ and Saudi Arabia, the weaker U.S. dollar, and the risk-on sentiment continued to stoke the rally in oil prices. The deepening backwardation in both benchmarks is further incentivizing long-position investors who hope to take advantage of a high roll yield when they have to roll their futures contract to the following month.
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