On Tuesday, crude staged a rebound in Asia after a steep overnight sink on greenback gains and worries as for the supply response to coordinated global crude cuts by OPEC as well as non-OPEC nations ahead of industry estimates on American inventories.
In New York, March delivery crude futures grew 0.25%, being worth $53.13 a barrel, while April delivery Brent crude futures soared 0.07% in London, getting to $55.90 a barrel.
On Tuesday afternoon, the American Petroleum Institute is expected to issue its estimates of American crude as well as refined product stockpiles. On Wednesday, the figures are followed by official information from the US Energy Information Administration. Experts expect a crude build of about 2.38 million barrels at the end of the previous week. Additionally, this week, the Paris-based International Energy Agency is going to update monthly demand as well as supply figures.
Late on Friday, oilfield services provider Baker Hughes announced that the overall number of rigs drilling for crude in America leapt by 17 the previous week, the 13th revenue for 14 weeks.
