Crude supplies continue to decline

U.S. stockpiles of crude oil declined for the sixth consecutive week, keeping prices within striking distance of $60 a barrel.

The Energy Department reported Thursday that commercial crude inventories slid by 4.6 million barrels last week, after dropping by 6.5 million barrels the previous week.

The nation’s commercial stockpile of crude has decreased by more than 100 million barrels since reaching the highest point in 35 years at the

end of March.

The report provided more positive news for oil markets. Crude rose 20 cents to settle at $59.84 a barrel in New York.

Oil prices have rallied over the past several weeks, boosted by the decision of OPEC and its partners to extend output cuts through the end of next year and signs that U.S. shale drillers are slowing expansions to satisfy investors seeking higher profits over rapid production growth.

Shrinking inventories, a flattening U.S. rig count and growing global demand have added support to crude prices, too.

These and other signs that the global oil glut is slowly draining have helped oil to climb nearly 20 percent since early October, when it was trading at about $50 a barrel,

The Energy Department reported Thursday that gasoline inventories increased slightly last week, by about 600,000 barrels. But stocks of all petroleum products, including diesel, jet fuel and propane, as well as crude, fell by 8.8 million barrels.

Demand, meanwhile, remains solid. Gasoline consumption, averaging 9.2 million barrels a day over the past four weeks, rose 2 percent from the same period a year earlier, the Energy Department said. Consumption of all petroleum products increased by 3.5 percent over the year.