Oil prices rose on Wednesday as strong global refining margins and the reopening of United States Gulf Coast refineries provided a more bullish outlook after sharp drops due to Storm Harvey.
Brent had gained 82 cents to 54.20 dollars a barrel by 1215 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 55 cents at 49.21 dollars a barrel.
“Prices are extending the momentum seen in the last few days due to a number of U.S. refineries restarting after Harvey,” said Harry Tchilinguirian, Head of Commodity Markets Strategy at BNP Paribas.
Many refineries, pipelines and ports that were knocked out by Harvey 10 days ago are restarting.