Oil edged up today to stem a $1 slide from the previous session as the largest US oil terminal caught up with crude loadings.
US light crude was up 4 cents at $60.40 a barrel earlier this morning after losing $1.08 yesterday.
London Brent crude gained 10 cents to $60.87 a barrel. The closure of the Louisiana Offshore Oil Port last week due to bad weather led to an unexpected 3.3 million barrel fall in US crude inventories last week, helping boost prices this week and slightly deflating a healthy US stock cushion.
Analysts said the market was supported by concerns that oil inventories in the United States could fall in the lead up to winter if Opec members continued to make good on an agreement to cut 1.2 million barrels per day of production.
Distillate stocks, which include heating oil, were lower last week, falling 1.4 million barrels, data from the US Energy Information Administration showed.