Crude oil futures rose for a fourth consecutive session Tuesday, moving further from a yearly low set last week. A mid-June collapse drove oil into bear market territory, but this week’s rebound reflects speculation those losses were overdone.
August WTI oil climbed 86 cents, or 2%, to settle at $44.24/bbl.
Traders remain concerned about OPEC’s ability to co-ordinate its supply quota plan, but most analysts say oil will hover around $50 for the rest of the year.
The American Petroleum Institute is out with its weekly report this afternoon, followed Wednesday morning by the Energy Information Administration’s data. Markets expect a decline in stockpiles, as they have slowly dwindled from this winter’s record surplus.
In economic news, consumer confidence in the U.S. unexpectedly improved in the month of June, according to a report released by the Conference Board on Tuesday.
The Conference Board said its consumer confidence index rose to 118.9 in June from a downwardly revised 117.6 in May.
The material has been provided by InstaForex Company – www.instaforex.com