Oil rebounded toward $63 a barrel from its first drop in four sessions as investors weighed record compliance to output curbs by OPEC and its allies against expanding U.S. supplies and a broader selloff in risk assets.
Futures in New York rose as much as 0.4 percent after slipping 0.5 percent on Monday. While U.S. crude inventories are forecast to have grown by 3.4 million barrels last week, that prediction calls for a slower pace of expansion than the week prior. The Organization of Petroleum Exporting Countries and its partners, which are trying to ease a global glut via output cuts, are said to havecomplied with pledged curbs at a rate of 138 percent in February.
West Texas Intermediate for April delivery, which expires on Tuesday, climbed as much as 25 cents to $62.31 a barrel on the New York Mercantile Exchange and traded at $62.26 by 1:47 p.m. in Tokyo. The contract fell 28 cents to $62.06 on Monday. The more-active May contract climbed 20 cents to $62.33. Total volume traded was about 33 percent below the 100-day average.
Brent for May settlement gained 21 cents to $66.26 on the London-based ICE Futures Europe exchange, after slipping 0.2 percent on Monday. The global benchmark crude traded at a $3.92 premium to WTI for the same month.
Source : Bloomberg