WTI and ICE Brent heading higher on recent comments from Russsian Deputy PM Igor Sechin.
Sechin commented that the recent IEA intervention /stock release from strategic reserves which caused a sharp drop last Thursday was a short term trend and didnt see a chance of significant increase of oil production at existing fields.
WTI is up around $1.6 dollars at 92.05 with Brent up over $2 around $108.10 from earlier lows. S&P futures also get a boost to around 1286.
