oil futures climbed on wednesday with us prices up a fifth consecutive session “hopes of a strong rebound in chinese oil demand fears surrounding the coming group of seven price cap on russian refined products and a weakening dollar is providing support to oil prices this week” said troy vincent senior market analyst at dtn meanwhile the energy information administration report showing a “massive” 19 million barrel build to commercial crude “stocks largely reflects the continued slower pace of refinery runs following shutins during the recent winter storm coupled with the passing of the ad valorem tax season which incentivizes keeping barrels offshore until the new year and helps explain the reported surge in netimports of crude” he said the us benchmark wti crude for february delivery clg23 rose 229 or nearly 31 to settle at 7741 a barrel on the new york mercantile exchange