Oil Futures Rebound Sharply Ahead Of Supply Data

Crude-oil futures rebounded sharply Tuesday, erasing much of the previous session's rout as investors awaited data on U.S. crude stockpiles. West Texas Intermediate crude for February delivery on the New York Mercantile Exchange rose $1.06, or 2.9%, to finish at $37.87 a barrel. Oil plunged Monday on renewed worries over a global supply glut and uncertain demand. The American Petroleum Institute will release its weekly estimate of oil inventories later Tuesday, while the U.S. Energy Information Administration's more closely watched tally is due Wednesday morning.