West Texas Intermediate oil for September delivery on Nymex rose 57 cents, or 1.3%, to close at $45.74 a barrel on Tuesday. Oil recovered some of the ground lost in a Monday rout that sent the U.S. benchmark to its lowest close in more than four months. Oil stabilized as Chinese equities rebounded and traders prepared for weekly data on U.S. crude inventories from the American Petroleum Institute later Tuesday and more closely watched figures from the Energy Information Administration on Wednesday morning. A survey of analysts by oil-information firm Platts produced a consensus forecast for a 1.6 million barrel decline in U.S. commercial crude stocks.
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