Brent and NYMEX rise in Asia as output freeze effort spurs sentiment
On Wednesday, crude prices rebounded during Asia trade with chances of a deal among key producers to freeze output, thus backing sentiment ahead of industry data on American stockpiles.
In New York, October delivery crude futures surged 0.20%, trading at $44.92 per barrel. At the same time in London, November delivery Brent crude futures grasped 0.32%, hitting $47.41 a barrel.
Later on Wednesday, the American Petroleum Institute will report on crude as well as refined product stock estimates at the end of the previous week. The given data is delayed by a day due to the Labor Day Holiday.
Overnight, crude prices were steeply lower during North America's trading session on Tuesday, thus erasing all of the previous day's strong revenues as an agreement between Russia and Saudi Arabia in order to stabilize the market, happened to stop short of delivering imminent action to withstand a supply glut.