WASHINGTON (dpa-AFX) - Crude oil futures moved higher on Wednesday, snapping a four-day losing streak, as traders looked ahead to weekly inventory data.
A rebound in stock markets after the Federal Reserve Chairman Jerome Powell's comments gave rise to expectations of a likely cut in interest rate sometime in the foreseeable future.
Likely prospects of OPEC and allies extending their output cuts beyond end June contributed as well to oil's uptick.
West Texas Intermediate Crude oil futures for July ended up $0.23, or 0.4%, at $53.48 a barrel.
On Monday WTI crude futures for July settled lower by $0.25, or 0.5%, at $53.25 a barrel, the lowest settlement since mid February.
Brent crude futures were gaining nearly $0.75 or about 1.2%, at $62.00 around mid afternoon.
OPEC and allies are likely to meed early July to discuss about extending output cuts beyond June.
Saudi Energy Minister Khalid al-Falih said on Monday a consensus was emerging among producers to continue working 'to sustain market stability' in the second half of the year.
Meanwhile, Rosneft head Igor Cechin is reported to have said that Russia should pump at will and he would seek compensation from the government if cuts were extended.
Markets now await weekly crude inventory data from American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).
The API is scheduled to release its weekly oil report later today, while the EIA's data is due on Wednesday morning.
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