Oil prices rebounded Tuesday after suffering declines in each of the past two sessions. Prices found support with analysts expecting U.S. government data due Wednesday to reveal a ninth-straight decline in domestic crude inventories. Analysts polled by S&P Global Platts expect the Energy Information Administration to report a fall of 3.5 million barrels in crude supplies. Phil Flynn at Price Futures Group said, however, that some traders are expecting an even bigger decline given high compliance with OPEC-led output cuts and strong refining runs and exports. That prompted a sharper turn higher for oil prices shortly before the settlement, he said. July WTI crude rose 79 cents, or 1.7%, to settle $48.19 a barrel on the New York Mercantile Exchange.
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