Oil prices rebounded slightly on Tuesday despite lingering market concerns regarding oversupplies.
US benchmark West Texas Intermediate for delivery in December rose 37 cents to $46.51 a barrel compared with Monday’s close.
Brent North Sea crude for December won 43 cents to stand at $49.22 a barrel in London midday deals.
Markets were looking ahead to official data due Wednesday that is set to reveal another rise in US commercial crude stockpiles.
Despite occasional rallies, oil remains generally bogged down by a global crude supply glut that has depressed prices for more than a year.
“The pessimistic sentiment among investors is being fuelled by the persistent oversupply,” said Commerzbank analyst Carsten Fritsch.
Prices had dipped on Monday after data showed Russian oil production hit a new record. They had fallen also on news that China’s manufacturing output continued to contract.
Current price levels are more than 50 percent lower than their peaks in June 2014, when a barrel of oil was selling for more than $100.
afp
