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Oil prices rebound amid upbeat U.S. consumer data

Xinhua, September 30, 2015 Adjust font size:

Oil prices bounced back Tuesday as U.S. consumer data came in better than expected.

The Consumer Confidence Index of U.S. stands at 103.0 for September, well above market consensus of 96.0, according to the New York-based research group Conference Board.

The promising data from the United States, a major crude consumer, helped boost the oil market.

On Wednesday, the U.S. Energy Information Administration will release the inventories data of last week. Traders expected shrinking stockpiles in face of the decreasing rig number.

The number of active U.S. oil-drilling rigs lost four to 640 of last week, according to the oil service company Baker Hughes.

The West Texas Intermediate for November delivery moved up 80 cents to settle at 45.23 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery increased 89 cents to close at 48.23 dollars a barrel on the London ICE Future Exchange. Endit