Oil gained on Monday

International benchmarks for oil prices increased on Monday (12 September) due to weaker US dollar and also private data provider indicate a drop in in stockpiles at the key storage hub of Cushing, Okla. However, official information from the government will only be released on Wednesday. Though information of an inventories reduction is boosting market sentiment, many believed that this is just temporary as import cargoes are unable to unload due to bad whether.

WTI closed at $46.29/barrel (+$0.41) for October delivery       

Brent closed at $48.32/barrel (+$0.31) for November delivery