On Tuesday, crude oil prices dared to rebound further during Asia trade from overnight dips as market participants took advantage of steep drops on global oversupply.
In New York, September delivery crude futures soared 0.35%, being worth $40.20 per barrel. Market participants are looking ahead to estimates of American crude as well as refined product stockpiles close to the end of the previous week from the American Petroleum Institute late on Tuesday. These figures are followed by more Wednesday’s closey-watched data from the American Department of Energy.
In London, on the ICE Futures Exchange, October delivery Brent crude futures earned 0.57%, trading at $42.38 a barrel.
Overnight, crude prices rebounded towards April minimums during Monday’s North American trade, thus reapproaching bear market territory as signals of surging production in America and soaring output among members of the OPEC countries weighed.
