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MTECHTIPS:-Crude oil futures rebound after Tuesday's 3% plunge

Wednesday, May 27, 2015 5:47

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MTECHTIPS:-Crude oil futures rebound after Tuesday’s 3% plunge

Crude oil futures attempted to rebound from the previous session’s steep declines on Wednesday, as market participants looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of demand in the world’s largest oil consumer. On the New York Mercantile Exchange, crude oil for July delivery tacked on 70 cents, or 1.2%, to trade at $58.73 a barrel during European morning hours. A day earlier, New York-traded oil futures fell to $57.71, the lowest level since April 29, before ending down $1.69, or 2.83%, at $58.03, as a broadly stronger U.S. dollar and concerns that U.S. shale production could rebound in the months ahead weighed. The American Petroleum Institute will release its inventories report later in the day, while Thursday’s government report could show crude stockpiles fell by 2.0 million barrels in the week ended May 22. The reports come out one day later than usual due to the Memorial Day holiday in the U.S. on Monday. Indications that the sharp decline in U.S. drilling activity in recent months may be nearing an end also weighed. According to industry research group Baker Hughes , the number of rigs drilling for oil in the U.S. fell by only one last week to 659. Oil traders have been paying close attention to the shrinking rig count in recent months for signs it will eventually reduce the glut of crude flowing into the market. However, the rate of decline has slowed in recent weeks, fuelling concerns that some shale oil companies will dial up their output in the months ahead if prices stabilize near current levels.

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