LONDON: Brent oil edged up towards $106 a barrel yesterday, lagging gains in the US benchmark after data showed strong demand for heating oil in a particularly cold US winter and a smaller-than-expected rise in crude oil stocks.
The US Energy Information Administration said demand for distillates, which include heating oil, amounted to 3.99 million barrels per day over the four weeks to January 31, up 12.7 percent from the same period a year ago.
Distillate stocks fell by 2.4 million barrels in the week to January 31, versus a forecast of a 1.6 million barrel draw. Crude oil stocks rose by 440,000 barrels, but this was well below the forecast of a 2.3 million barrel build.
Global marker Brent crude was up 19 cents at $105.97 at 1535 GMT after three straight sessions of losses. US crude , also known as WTI, rose for a second session to $97.63, up 44 cents.
Reuters
