US inventory draw helps to sustain Brent rebound above $88

Yesterday afternoon Oil prices were leaking lower. That saw the price of Brent crude fall back towards $86 per barrel. However, that fall was reversed markedly, as the US stock markets reopened higher and led to a rebound to above $88.  Brent later settled $1.42 higher on the NYMEX exchange, at $88.42. the release of the latest US API data last night helped to cement that rise. That is because US inventories unexpectedly snapped the recent run of rising stockpiles, with a draw of 3.2 million barrels, where a gain of 1.8 million was forecast. So, Brent is higher this morning and currently trading above $88.50 ahead of the European markets opening