Oil extends 7-day streak, at best since mid-May


22/07/2012 09:07 AST  MarketWatch
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Crude-oil futures rallied Thursday, ending at their highest since mid-May to cap a seventh day of gains as traders reacted to a flare-up in Middle East strife.

Crude for August delivery gained $2.79, or 3.1%, to settle at $92.66 a barrel on the New York Mercantile Exchange. That was oil’s highest since May 16.

Oil has gained 10% over the past seven sessions, matching a winning run in February.

The Iran premium, largely absent from the oil market two weeks ago, has returned and several investors caught short on oil have returned, said Bill O’Neill, a principal with Logic Advisors in New Jersey.

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