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Oil prices rebound ahead of U.S. inventory data

Xinhua, April 25, 2017 Adjust font size:

Oil prices rallied Tuesday after choppy trading, as U.S. crude stockpile data, scheduled for release Wednesday, was forecast to show a drawdown.

U.S. crude inventories probably fell 1.75 million barrels last week, according to a Bloomberg survey Tuesday, one day before Wednesday's official report from the Energy Information Administration.

Meanwhile, concerns about a global supply glut are still lingering. The Organization of the Petroleum Exporting Countries (OPEC) and other major producers, including Russia, agreed to cut production by 1.8 million barrels a day in the first half of 2017, and they are now expected to extend the deal when it meets in May due to high global crude stockpiles.

Analysts are afraid that failure by OPEC and major producers to deliver an extension could result in a steep price decline.

The West Texas Intermediate for June delivery increased 0.33 U.S. dollar to settle at 49.56 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery added 0.50 dollar to close at 52.10 dollars a barrel on the London ICE Futures Exchange. Endit