Brent crude oil rose towards $103 a barrel on Wednesday, recovering from a 14-month low hit last week as traders monitored maintenance work in the North Sea, although healthy global supplies limited gains.
Oil benchmarks on both sides of the Atlantic have fallen by more than 10 per cent since mid-June and remain on track to post a second monthly fall against a backdrop of lower imports by the United States and slowing growth in China and Europe.
Oil benchmarks on both sides of the Atlantic have fallen by more than 10 per cent since mid-June and remain on track to post a second monthly fall against a backdrop of lower imports by the United States and slowing growth in China and Europe.
But on Wednesday traders were watching to see if the Buzzard oilfield in the North Sea, one of the biggest contributors to physical supplies underpinning Brent future contracts, would return quickly after shutting again for additional maintenance.
Brent crude for October delivery was up 43 cents at $102.93 a barrel by 0804 GMT, moving away from a 14-month low of $101.07 a barrel last week.
US crude rose 26 cents to $94.12 a barrel after settling 51 cents higher on Tuesday on stronger economic data in the United States. Its discount to Brent was at $8.81 a barrel, having widened to its largest in two months on Monday.
US crude rose 26 cents to $94.12 a barrel after settling 51 cents higher on Tuesday on stronger economic data in the United States. Its discount to Brent was at $8.81 a barrel, having widened to its largest in two months on Monday.
Crude inventories fell by 1.3 million barrels in the week ended Aug. 22 to 361.5 million, data from industry group the American Petroleum Institute (API) showed on Tuesday.
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