Brent is trading at a high of 56.12 $/bbl Monday after after spending last week in the smallest trading range in 13 years, as investors weighed rising US drilling activity against OPEC production cuts.
The market is also being helped by US January fuel demand data which came in the highest monthly level since 2008.
Total deliveries of petroleum products, excluding exports, rose to 19.3m bbl/day in January, highest deliveries for the month since 2008.
Petroleum deliveries climbed from 19.1m in January 2016. Gasoline demand 8.44m vs 8.67m, Distillate demand 3.76m vs 3.82m, Jet fuel demand 1.65m vs 1.45m.
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