LONDON: Brent crude oil rose towards US$103 a barrel yesterday, recovering from a 14-month low hit last week as traders monitored maintenance work in the North Sea, although healthy global supplies limited gains.
“Prices have fallen so much the market is vulnerable to any supply surprises, including the new Buzzard work,” said Andrey Kryuchenkov at VTB Capital in London.
Brent crude for October delivery was up 20 cents at US$102.70 by 1053GMT, rebounding from a 14-month low of US$101.07 a barrel last week.
It slipped slightly from a day high of US$103.07 after sources said Buzzard was on track to return on Thursday.
US crude rose 26 cents to US$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 US$8.58 a barrel, having widened to its largest in two months on Monday. Reuters