Oil futures reversed recent losses and are holding steady as investors wait for US inventory reports due out later this morning. Brent North Sea crude for delivery in January rose 75 cents to 75.94 dollars a barrel in morning London trade, while in New York, futures contracts for January delivery, jumped 1.03 dollars to 73.65 dollars a barrel.
“Today, the market will be paying close attention to weekly US fuel inventories,” said VTB Capital analyst Andrey Kryuchenkov.
“We expect refining rates to edge higher, though robust imports will still see a small increase in crude stockpiles. Distillates are likely to see a small contraction this time around,” he added.
