US crude rebounds following previous session’s losses

US crude oil futures made modest gains on Tuesday, with investors waiting to see the US weekly supply data.

A slight correction was observed in West Texas Intermediate oil futures on Tuesday, from the grueling losses during the previous session, as investors were awaiting the weekly supply data. The WTI1014 futures was trading at $93.11, 0.48 percent higher, on the New York Mercantile Exchange in early morning European trade. The price range was thin, $92.77 to $93.24 per barrel.

On the previous day, US crude oil prices slumped to $91.80 per barrel, which was unprecedented since January 13. The factors behind its underperformance were the US dollar strength and the concerns regarding weak demand. Support is likely to be found at $91.43, the low of January 13, while resistance is anticipated around the $95 mark, the September 5 high.

Traders were are expecting the US weekly supply data. Later during the day, the American Petroleum Institute will bring out its inventories report; on Wednesday, a government report is due which is likely to point a slump of crude stockpiles by 1.5 million barrels during the week ending September 5.

In early European morning, on the ICE Futures Exchange in London, there was a 0.07 percent decline in Brent oil for October delivery. The latter was last trading at $100.13 per barrel.

On Monday, London-traded Brent prices plunged to $99.36, which was the lowest since May 1, 2013; the downward drivers were abundant global supplies and worries related to weak demand.

Yesterday the Libyan National Oil Corporation announced the country’s oil output went up by 15,000 a day, from the previous week, rocketing to 740,000 barrels a day, due to the reopening of several ports engaged in oil export.