oil economy is reverting to $ 52
(Reuters) - Oil ignored a series of negative news on Wednesday as investors and traders took advantage of earlier losses and pushed prices back towards $ 52 a barrel and an eight-week high this week.
London Brent crude <LCOc1> rose 12 cents to $ 51.90 a barrel by 1325 GMT, rising from a session low of $ 51.18 a barrel. The price hit $ 52.93 on Monday, its highest level since late May.
US WTI rose 1 cent to $ 49.17 a barrel.
The two contracts fell significantly in the previous session after Royal Dutch Shell said its 400,000 barrels per day Berenice refinery in the Netherlands would remain out of service for at least two weeks after a fire.
Traders are awaiting official US government data on crude oil inventories after an independent survey on Tuesday showed an unexpected 1.8 million barrel increase.
The US Energy Information Administration is due to announce weekly inventory data by 1430 GMT on Wednesday.
At the same time, the Organization of the Petroleum Exporting Countries (OPEC) produced 33 million bpd in July, its highest level in 2017, despite pledges by OPEC and other producers to reduce output.