Oil held near an 11-month high above $76 a barrel today as news of recovering refinery operations in the United States threatened to cap a two-week influx of investment fund capital.
London Brent crude shed 15 cents to $76.25 a barrel earlier this morning, holding on to a near $1 gain the past session and still within sight of last August's all-time high of $78.65 after gaining more than $6 since near the end of the second quarter.
US crude gained two cents to $72.52 a barrel, playing catch up but still way below its London counterpart, amid heavy stockpiles in the US Midwest and reduced North Sea crude supplies due to maintenance and pipeline problems.
While US fuel stocks hover below seasonal norms and dealers remain anxious over crude exports from countries such as Nigeria and Iran, most traders now attribute much of the market's latest rally to a fresh infusion of long-term fund money.