Oil bounces back as focus shifts to U.S. stockpile data
Tuesday,
22-Aug-2017
04:16 PM (IST)
Oil prices bounced back from the prior session's more than 2% drop as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products.U.S. crude was about 0.4% higher at $47.73 a barrel, while global benchmark Brent added roughly 0.6% to $51.95.Industry group the American Petroleum Institute is due to release its weekly report at 4:30PM ET (2030GMT). Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock drop of around 3.4 million barrels, which would mark an eighth weekly decline in a row.
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