Futures Movers: Oil settles at highest since May, as U.S. crude supplies drop a fourth week and a storm threatens Gulf of Mexico output

Oil futures rallied Wednesday to settle at their highest since May, with U.S. prices up a fifth straight session for the longest streak of gains since February.

Prices got a boost from data showing a fourth consecutive weekly decline in U.S. crude inventories and dovish comments from Federal Reserve Chairman Jerome Powell that pressured the dollar, as a storm in the Gulf of Mexico raised expectations for disruptions to oil and natural-gas production in the region.

U.S. crude prices have “broken $60 and with the bullish numbers on inventories,” coupled with Powell comments that point to a potential interest-rate cut later this month, said Tariq Zahir, managing member at Tyche Capital Advisors.

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