Oil Rebounds in Asia, EIA Inventory Report Eyed
Oil benchmarks on both sides of Atlantic posed a minor rebound in the Asian trades, bringing a halt to the five consecutive sessions of declines.
Bulls cheer API stockpiles report
Currently both crude benchmarks are seen wavering in the green, with WTI up 0.97% to $ 38.65 while the Brent oil rises 0.78% to $ 40.15. Oil prices edged higher this Wednesday as a broadly weaker greenback aided the recovery in the black gold after a 5-day sell-off.
In addition, a lesser than expected rise in the crude reserves, as reflected by the weekly API report, also collaborated to the rebound in the prices. Crude stockpiles in the US rose by 2.6 million barrels to 534.4 million barrels over the week to March 25, which is less than expectations of a 3.3 million barrel rise.
Markets now await the US ADP jobs report for further USD moves, while the official government stockpiles data by the EIA will be also closely eyed. Markets predict a rise of 2.27 million barrels.
(Market News Provided by FXstreet)