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

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.