Crude Oil Surges After China’s Inflation Data
Crude oil staged a minor rebound in Asia on Tuesday as consumer prices rose less than expected in China and raised speculation that the government would do more to stimulate the economy.
On the New York Mercantile Exchange, WTI crude for December delivery rose 0.39% to $44.04 a barrel.
In China, consumer prices for October rose 1.3% year-on-year, below the 1.5% gain expected, while producer prices eased 5.9%, less than the 5.9% fall seen.
Later on Tuesday, the American Petroleum Institute will releases its survey of crude and refined product stockpiles last week, followed on Wednesday by more closely watched figures from the U.S. Department of Energy.
Overnight, U.S. crude futures tumbled below $44 a barrel on Monday, as a steady inventory build at the Cushing Oil Hub intensified concerns related to excess oversupply throughout domestic energy markets.
On the Intercontinental Exchange (ICE), Brent crude for January delivery wavered between $47.77 and $49.13 a barrel, before closing at $47.91, down 0.27 or 0.56% on the day. North Sea brent crude futures have also closed lower in four of the last five sessions. After peaking above $52.50 in early-October, brent futures have tumbled by nearly 10% in value.