Oil prices rebound ahead of U.S. crude inventory data

NEW YORK, April 3 (Xinhua) -- Oil prices rallied on Tuesday as traders awaited U.S. crude stockpile data scheduled for release by the Energy Information Administration (EIA) Wednesday.

U.S. crude inventories, widely viewed as a litmus test of the broader trend in global inventories, are expected to have risen by 2 million barrels last week, according to a Bloomberg survey Tuesday.

Analysts attributed part of Tuesday's oil gains to a technical recovery from Monday's sell-off. On Monday, oil prices tumbled, with U.S. oil dropping nearly 3 percent, as an equity rout rattled nervous investors.

Traders were also encouraged by Russian Energy Minister Alexander Novak's comments on Tuesday that a joint organization for cooperation between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries may be set up once the current deal on oil output curbs expires at the end of this year, according to media reports.

The West Texas Intermediate for May delivery rose 0.50 U.S. dollar to settle at 63.51 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery added 0.48 dollar to close at 68.12 dollars a barrel on the London ICE Futures Exchange. Enditem