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1st LD Writethru: Oil prices rebound after heavy selloff

Xinhua, August 5, 2015 Adjust font size:

Oil prices bounced Tuesday as traders started to buy after sharp decline in the previous day.

The U.S. Energy Information Administration (EIA) Wednesday will publish its report on crude data of last week. It is expected to show U.S. crude output would dip for that week.

U.S. economic data also came in better-than-expected. U.S. new orders for manufactured goods in June increased 8.7 billion U.S. dollars, or 1.8 percent, to 478.5 billion dollars, slightly above market estimates, said the Commerce Department Tuesday. This increase, up following two consecutive monthly decreases, followed a 1.1 percent May decrease.

Oil prices plummeted Monday amid ample supplies. Market expected production from the Organization of Petroleum Exporting Countries (OPEC) hit record high in July.

The West Texas Intermediate for September delivery moved up 57 cents to settle at 45.74 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery increased 47 cents to close at 49.99 dollars a barrel on the London ICE Future Exchange. Endite