Brent LCOc1 had gained 28 cents to $53.66 a barrel by 0952 GMT. U.S. West Texas Intermediate (WTI) crude futures Clc1 were up 15 cents at $48.81. “Hurricane Harvey was bearish for crude and speculators went massively short WTI but now there is a reversal to positions pre-Harvey. Strong margins are helping underpin crude ... gasoil is at its highest point this year,” Olivier Jakob of Petromatrix consultancy said. Many refineries, pipelines and ports that were knocked out by Harvey 10 days ago are restarting. As of Tuesday, about 3.8 million barrels per day (bpd) of refining capacity, or 20 percent of the U.S. total, was shut. This compares with 4.2 million bpd at the height of the storm.
Oil prices rose more than 2% on Wednesday after industry data showed US inventories fell more than expected and as major US producers evacuated rigs in the Gulf of Mexico before a storm.
Data from the API on Tuesday showed US crude inventories fell by 8.1 million barrels in the week to July 5 to 461.4 million, compared with analysts expectations for a decrease of 3.1 million barrels.
more detail at source: https://www.reuters.com/article/us-global-oil-idUSKCN1U5027