Oil rebounded as financial markets stabilized after the initial panic over Turkey’s economic meltdown eased.
Futures in New York added 1 percent, recouping Monday’s losses. Many developing-nation currencies, which tumbled following the collapse of Turkey’s lira, recovered on Tuesday. In the U.S., crude stockpiles probably extended declines last week, according to a Bloomberg survey.
West Texas Intermediate crude for September delivery traded at $67.85 a barrel on the New York Mercantile Exchange, up 65 cents, at 10:30 a.m. London time. The contract fell 43 cents on Monday. Total volume traded Tuesday was about 22 percent below the 100-day average.
Brent for October settlement advanced 68 cents to $73.29 a barrel on the London-based ICE Futures Europe exchange, and traded at a $6.09 premium to WTI for the same month. The global benchmark crude declined 20 cents to $72.61 on Monday.
Source : Bloomberg