Surprise crash In crude inventories sends oil prices higher

U.S. crude futures are making incremental gains for a fourth consecutive session, up 0.7% at $80.68 a barrel.

“Plenty of fundamental influences with Saudi cuts stepping up and middle distillate cracks particularly in the Atlantic basin both supportive,” says Evercore in a research note. “Near-term GDP revisions higher have followed an uptick in short frequency economic data.”

Still, it warns of potential issues that could limit price upside in the near term including lackluster U.S. consumer data and China headwinds.

Oil markets now turn their attention to a pair of weekly reports on U.S. oil inventories, and will also be watching for supply and/or demand impacts from Hurricane Idalia.