MTECHTIPS;-Crude rebounds in Asia after overnight drop, API estimates

MTECHTIPS;-Crude rebounds in Asia after overnight drop, API estimates eyed

MTECHTIPS- Crude staged a rebound in Asia on Tuesday after a sharp overnight fall on dollar gains and concerns about the supply response to coordinated global oil cuts by OPEC and non-OPEC nations ahead of industry estimates on U.S. inventories. Crude oil for March delivery on the New York Mercantile Exchange rose 0.25% to $53.13 a barrel, while Brent oil for April delivery on the ICE Futures Exchange in London edged up 0.07% to $55.90 a barrel. On Tuesday afternoon, the American Petroleum Institute will release its estimates of U.S. crude and refined product stockpiles. The figures are followed on Wednesday by official data from the U.S. Energy Information Administration. Analysts expect a crude build of 2.38 million barrels at the end of last week. Also this week, the Paris-based International Energy Agency update monthly demand and supply figures. Overnight, oil prices were modestly lower during North American morning hours on Monday, reversing earlier gains as prospects of rising U.S. production weighed on the market. News that the U.S. imposed fresh sanctions on some Iranian individuals and entities, days after the White House put Tehran “on notice” over a ballistic missile test, supported gains. Global benchmark Brent crude futures settld down 1.92% to $55.72 a barrel on London’s Intercontinental Exchange, while New York Mercantile Exchange, crude oil for delivery in March fell 1.52% to $53.01 a barrel