"There is lots of crude around but limited refinery capacity due to the two Hurricane's [which hit the US Gulf of Mexico coastline] last month," one broker said. "The products are leading, with heating oil overtaking unleaded as the market driver. The movements in products are dragging the crude with it, and the contango structure in Brent is reflective of the plentifulness of crude."

See more industry/OPEC viewpoints at http://www.platts.com/Oil/Resources/Quote%20of%20the%20Day/