Oil Maintains Gains for Fifth Session to Reach Highest Level Since 2018

Oil prices rose on Thursday for the fifth consecutive session, with economic data boosting hopes for recovery.

Specifically, the U.S. GDP data, which showed a growth rate of 6.4%, provided support to crude oil prices, as well as the drop in jobless claims.

Brent crude futures for July delivery rose by 59 cents, or 0.9%, to close at $69.46 per barrel or its highest level in about two weeks.

As for the Brent August futures, the current most active contract, closing at $69.20 per barrel meant an increase of 47 cents, or 0.7%.

The West Texas Intermediate (WTI) crude futures for July delivery gained 64 cents, or 1%, to finish at $66.85 per barrel, surging to its highest level in two months.

Five consecutive daily gains make the longest rising streak for both the global and U.S. benchmarks.