Oil rises on tight US stocks as winter blast hits

Oil prices climbed for a fourth straight day on Thursday with United States crude, heating oil and jet fuel stocks growing tighter just as a wintry blast hits the US and travel is set to soar for its holiday season. Brent crude futures gained 44 cents, or 0.54 per cent, to $82.64 at 0422 GMT, extending gains of around 2.7pc from the previous session. US West Texas Intermediate (WTI) crude futures rose 49 cents, or 0.63pc, to $78.78 a barrel. Both benchmark contracts jumped on Wednesday after government data showed US crude inventories fell by much more than analysts had expected, posting a drop of 5.89 million barrels for the week ending on Dec 16. Distillate stocks, which include heating oil and jet fuel, also declined, going against expectations for a build. The falling stockpiles come as demand for heating oil is set to soar with a powerful winter storm hitting the United States, with sub-zero wind chills expected as far south as Texas and record-breaking lows forecast for Florida and eastern states.