Oil climbs over 12% during six-session streak of gains

Crude-oil futures shook off earlier weakness on Thursday to tally a six-session gain of more than 12% as a smaller-than-expected weekly rise in U.S. crude supplies was seen as a possible sign of a slowdown in U.S. production.

Traders also digested details of the latest monthly oil report from the Organization of the Petroleum Exporting Countries, which included expectations for an increase in demand for the oil the group produces.

May crude CLK5, -0.93%  tacked on 32 cents or 0.6%, to settle at $56.71 a barrel on the New York Mercantile Exchange—a fresh high for the year. On Wednesday, prices climbed 5.8% after a U.S. government report showed a rise in weekly crude inventories that was less than half what the market was looking for.

June Brent crude LCOM5, -0.81%  on London’s ICE Futures exchange also climbed, settled up 66 cents, or 1%, at $63.98 a barrel.

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