Brent oil sees small gains

A move by the UAE to cut production lent credence to last week's decision to cut production. Brent crude eked out small gains and stands at around $60.15/bbl this morning.

Distillate prices remained under upward pressure as Meteorlogix released forecasts suggesting a colder-than-normal winter for the northeast US, endorsing the WTI numbers released on Monday.

The EIA weekly data is expected to reveal a further build of crude stocks with a small draw on distillates such as heating oil and gasoline. With crude stocks widely forecast to rise by around 2.5mio bbls, any divergence from this figure will prompt a move in price action.