Oil Prices End Higher, Rebound After Two-session Decline

By Myra P. SaefongMarketsMarketWatch Pulse

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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