Oil Edges Higher Ahead of API Inventory Data

Oil prices climbed on Tuesday, rebounding from a sharp selloff in the beginning of the week as investors look ahead to U.S. supply data that are expected to confirm the market is tightening.Crude oil for September CLU7, +0.74%  , the contract that expires at the end of trade on Tuesday, rose 31 cents, or 0.7%, to $47.68 a barrel, after slumping 2.4% on Monday. The October contract CLV7, +0.67%  advanced 33 cents, or 0.7%, to $47.86 a barrel.October Brent LCOV7, +0.79%  put on 34 cents, or 0.7%, to $52 a barrel, recouping parts of its 2% slump on Monday. The weakness came as no major news emerged from a meeting between members of the Organization of the Petroleum Exporting Countries and non-cartel producers about compliance with the output-cut agreement.Kuwait’s oil minister Essam al-Marzouq said on Kuwait TV Monday that OPEC will discuss whether to end or extend the production-cap deal at a meeting in November, according to media reports.

Source: Oil prices rebound ahead of U.S. supply data – MarketWatch

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.