There was build in crude inventories today, though not as much as expected, and benchmarks gained more than 2%.
US inflation figures gave oil a headwind throughout the morning as the dollar gained steam but later the Saudi oil minister confirmed that OPEC would be sticking to the supply cut deal despite the US ramp up.
Refinery rates did fall for seasonal maintenance but despite this the US is on pace for record production this month.
Bunker prices were firmer in the primary ports.
WTI MAR $60.60/BBL UP $1.41/BBL
Brent APR $64.40/BBL UP $1.61/BBL
Tim Bonett, Broker & Trader, KPI Bridge Oil