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1st LD Writethru: Oil prices rebound before U.S. inventory data

Xinhua, December 30, 2015 Adjust font size:

Oil prices bounced back Tuesday as traders expected U.S. crude stockpiles to decrease for another week.

The U.S. Energy Information Administration (EIA) is scheduled to release last week's inventories data Wednesday. Traders expected the supplies to extend the decline.

For the week ended Dec. 18, U.S. crude supplies lost 5.9 million barrels to 484.8 million barrels, 97.6 million barrels more than one year before, according to EIA's data.

Oil prices were dragged down recently by the global supply glut. The Organization of the Petroleum Exporting Countries (OPEC) on Dec. 4 decided to keep crude production pumping at the current level in the already oversupplied market.

Iran is ready to increase exports to around 2 million barrels per day in the next six months,said Rokneddin Javadi Monday, the managing director of the National Iranian Oil Co..

The West Texas Intermediate for February delivery moved up 1.06 U.S. dollars to settle at 37.87 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery increased 1.17 dollars to close at 37.79 dollars a barrel on the London ICE Futures Exchange. Endit