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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