Crude rebounds from 10-week low
West Texas Intermediate crude rebounded from the lowest level in 10 weeks and Brent gained as a North Sea pipeline system remained shut after a platform leak.
WTI futures climbed as much as 0.6 percent in New York on speculation that the past three days of declines may have been excessive. The Brent pipeline system was closed for a third day after an oil leak was discovered March 2 on the Cormorant Alpha platform, according to Abu Dhabi National Energy Co. ( TAQA) PJSC, the operator known as Taqa. U.S. crude stockpiles probably advanced for a seventh week, the longest stretch since May, a Bloomberg News survey showed before Energy Department data tomorrow.
"It's worth keeping an eye on developments at Cormorant Alpha since any prolonged disruption in the North Sea would support Brent," said Andrey Kryuchenkov, an analyst at VTB Capital in London, who predicts that Brent will trade in a range of $109 to $112 a barrel this month.