Brent and NYMEX rebound in Asia

August 30, 2016

On Tuesday, oil rebounded further in Asia as traders simply took advantage of a steep overnight drop ahead of American industry estimates on stockpiles later in the day.

In New York, October delivery crude futures rose 0.26%, trading at $47.10 per barrel. Meanwhile, in London, November delivery Brent futures gained 0.10% being worth $49.50 per barrel.

The American Petroleum Institute is expected to publish its estimates of crude as well as refined product stock at the end of the previous week, while the US Department of Energy will report more closely-watched data on Wednesday.

Crude prices extended overnight losses during North American hours on Monday, sagging nearly 2% as a broadly stronger greenback along with fading hopes of an output freeze weighed on sentiment.

Oil's losses kicked in as the greenback got to a two-week peak following hawkish comments from two top Federal Reserve representatives that hinted at a potential American interest rate lift as early as next month.

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