Oil prices recovered from weakness yesterday that was sparked by renewed turmoil in US equity markets, as traders awaited US inventory data that is expected to show further declines in fuel stocks.
Data due out today is expected to show gasoline stocks fell by around 2.1 million barrels last week while distillate stocks dropped by about 2.2 million barrels.
However, analysts also expect crude stocks rose by some 1.3 million barrels last week as the fog in the Houston Ship Channel cleared. This could cap gains in crude prices, they said.
London Brent crude for April delivery had gained 20 cents to $61.10 a barrel by 9.44 am. New York crude for April delivery was up 27 cents to $58.20 a barrel.