Oil Prices Turn Positive Ahead of US Inventory Data

The Wall Street Journal reported that oil prices got a lift on Tuesday ahead of the weekly US inventory data, after falling to multi-month intraday lows. The US oil benchmark was up $0.75, or 1.6 percent, to $48.14 a barrel 0n the New York Mercantile Exchange, while Brent crude for September delivery rose by $0.34, or 0.6 percent, to $53.81 per barrel.
As quoted in the market news:

Both Brent, the global benchmark, and the U.S. oil benchmark recently entered bear markets—defined as a 20% drop from a recent high—on investor worries that the markets would remain oversupplied through the end of the year. Production is still robust, despite large spending cuts by oil companies, and analysts say demand could decline after the busy summer-driving season ends.
The U.S. oil benchmark recently traded up 75 cents, or 1.6%, to $48.14 a barrel on the New York Mercantile Exchange, after falling to as low as $46.68 a barrel in overnight trading.
Brent crude for September delivery recently rose 34 cents, or 0.6%, to $53.81 a barrel on ICE Futures Europe.
Traders are waiting on weekly inventory data from the U.S. Energy Information Administration. While analysts are still completing their estimates, some expect the agency to report that domestic crude-oil inventories shrank last week.
Oil prices rallied earlier in the spring on expectations that the oversupplied global market will come into balance later in the year. But strong crude production by the Organization of the Petroleum Exporting Countries coupled with persistently high U.S. output have soured sentiment in recent weeks.

Click here to read the full The Wall Street Journal report.