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
Gold Records Strong Gains on Monday
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.