The market is getting some support from expectations that the Organization of the Petroleum Exporting Countries and its allies will maintain lower output levels when they meet this week.
The latest data also showed China's crude oil production in the first two months rose 0.4% from a year earlier to 32.08 million tonnes, or 3.97 million bpd. That compared with an average of 3.89 million bpd for 2020.
Low temperatures and power outages should fuel heating demand for LPG by 80,000 bpd and for diesel powered generators by 200,000 bpd, however, it said.
A retracement analysis reveals an immediate support at $58.13, the 38.2% level, a break below which could open the way towards $56.85. A bounce from the current level may be limited to $59.33.
The chief minister apprised the minister about the development of ongoing energy projects in GB to maintain the fuel and electricity requirement of the area.
Brent crude was up 44 cents, or 0.9%, at $51.30 a barrel by 1650 GMT, while U.S. West Texas Intermediate (WTI) crude futures added 51 cents, or 1.1%, to $48.13 a barrel.
“The contents of the inquiry report are yet to be proved with sustainable evidence, a matter is still sub-judice in the Lahore High court (LHC),” he said in a press statement.
Total fuel demand fell 3.7% on year after registering its first year-on-year increase since February in October, as manufacturing and services slowed with consumers staying indoors to avoid getting infected by the novel coronavirus.
