NYMEX rebounds in Asia, Brent surges as American industry estimates awaited
On Wednesday, oil prices rebounded moderately during Asia trade with industry data on American stockpiles due and more direction sought on plans by OPEC as well as Russia to trim production.
In New York, November delivery crude futures ascended 0.20% to $50.89 per barrel. December delivery Brent futures rose 0.38%, trading at $52.61 a barrel
Later on Wednesday, the American Petroleum Institute is going to publish its estimates of crude as well as refined product stocks for the previous week. The figures are going to be followed on Thursday by more closely-watched data from the American Department of Energy and the International Energy Agency is expected to publish its monthly report on global crude supply and demand.
The previous week, data displaying American crude supplies sagged for the fifth week in a row driven by the demand outlook in the world's largest oil consumer. According to the American Energy Information Administration, oil inventories descended by approximately 3 million barrels the previous week to 499.7 million, the lowest outcome since January.