SINGAPORE - Oil markets were firm on Monday and
remained near multi-month highs hit late last week as the number of U.S.
rigs drilling for new production fell and refineries continued to
restart after getting knocked out by Hurricane Harvey.
U.S. West Texas Intermediate (WTI) crude futures were at $50.01 per
barrel at 0547 GMT, and close to the more than three-month high of
$50.50 reached last Thursday.
Brent crude futures, benchmark for oil prices outside the United
States, were at $55.71 a barrel, up 9 cents and not far from the almost
five-month high of $55.99 touched on Thursday.
"Demand forecasts from OPEC and IEA ... continued to improve
sentiment in the market. Refineries are also reporting a much better
recovery from the recent hurricanes," ANZ bank said on Monday.
Oil refineries across the Gulf of Mexico and the Caribbean were
restarting after being shut due to hurricanes Harvey and Irma, which
battered the region over the past three weeks.
Royal Dutch Shell's Deer Park refinery in Texas was among the latest,
beginning its restart on Sunday. The plant can process 325,700 barrels
per day.
MCX COMMODITY TIPS
SELL LEAD BELOW 152 TGT 151.40 SL ABOVE 152.80
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