Oil Recovers Some Lost Ground Ahead of U.S. Inventory Data Release By

© Reuters.

By Barani Krishnan – Oil prices rose by about 1% on Tuesday, recovering about a quarter of what they lost in the previous session, as the trade awaited the release of weekly inventory data on U.S. petroleum supply-demand.

New York-traded , the benchmark for U.S. crude, settled up 68 cents, or 1.2%, at $59.33 per barrel. WTI lost 4.6% on Monday, after hurtling to a two-week low of $57.63.

London-traded , the global benchmark for crude, settled up 59 cents, or 1%, at $62.74. Brent lost 4.2% in the previous session.

The American Petroleum Institute, or API, is scheduled to release at 4:30 PM ET (20:30 GMT) a snapshot of what last week’s inventory level for crude and petroleum might have been. 

The API snapshot comes before Wednesday’s official report from the U.S. Energy Information Administration on supply-demand of petroleum products for the week ended April 1.

According to a consensus of analysts tracked by, U.S. crude likely fell by 1.44 million barrels during the week ended April 1, versus the drop of 876,000 barrels noted in the previous week to March 26.

likely declined by 221,000 barrels versus the drop of 1.74 million in the prior week, consensus shows.

And stockpiles of , made up of diesel and , likely expanded by 486,000 barrels last week after building by 2.54 million barrels a week earlier.



Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button