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 Oil prices were also supported by data on Wednesday that showed a
fall in U.S. crude inventories.
Brent crude for August was up 55 cents at $57.60 a barrel by 1035
GMT (6:35 a.m. EDT). U.S. light crude, also known as West Texas
Intermediate or WTI, was up 30 cents at $51.71.
Britain's Buzzard oilfield, which normally pumps 170,000 to 180,000
barrels per day, was closed after power supplies failed, traders
said. A spokeswoman for Buzzard operator Nexen, a unit of China's
CNOOC, declined to comment.
"There was a trip last night," said one crude oil trader, who
declined to be identified.
Buzzard is the single biggest contributor to the Forties crude
stream, one of four crude grades underpinning the price of
over-the-counter Brent, which is linked to Brent futures.
Brent's front-month August futures contract, due to expire later on
Thursday, moved to a premium of 30 cents a barrel above the
September contract on the Buzzard news, its highest premium for more
than two months.
U.S. crude inventories fell by 4.3 million barrels last week,
according to the Energy Information Administration (EIA), as
refineries boosted throughput to a record level.
The data suggested demand in the United States, the world's biggest
oil consumer, was holding up well and still absorbing fuel at a time
of ample global production.
Olivier Jakob, head of Swiss energy consultancy Petromatrix, said
U.S. oil demand remained very strong, driven by gasoline
consumption, which was helping keep U.S. refineries working at full
tilt through the northern hemisphere summer.
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But the market might not be quite as well balanced later in the
year, when maintenance shuts some refineries.
"U.S. crude oil stocks are still at a high level and at risk of
seeing increasing builds once refineries go into maintenance in the
fall," Jakob said.
Oil prices have fallen steadily over the last two months and both
crude benchmarks are down more than 15 percent from June peaks.
The Organization of the Petroleum Exporting Countries is producing
about 2.5 million barrels per day (bpd) more crude than needed at
the moment, analysts say, filling inventories worldwide and keeping
markets under pressure.
OPEC oil supply may be about to rise as Iran increases output
following a deal with six global powers over its nuclear program.
(Additional reporting by Henning Gloystein in Singapore; Editing by
Dale Hudson and David Clarke)
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