NYMEX crude rebounds in Asia with API estimates later in the day

© Reuters. NYMEX crude rebounds in Asia© Reuters. NYMEX crude rebounds in Asia

Investing.com – Crude prices rebounded mildly in Asia on Tuesday with industry supply estimates late in the day expected to set the tone.

The American Petroleum Institute will release estimates of and refined product inventories late on Tuesday. The figures will be followed by official data from the U.S. Department of Energy on Wednesday.

Crude oil for December delivery on the New York Mercantile Exchange rose 0.19% to $49.65 a barrel. Reuters reported that Colonial Pipeline Co shut down both of its main gasoline and distillates pipelines on Monday that flow from refineries on the U.S. Gulf Coast to storage tanks on the U.S. East Coast after an explosion and fire in Shelby County, Alabama, near the site of a gasoline spill last month.

Overnight, oil prices added to overnight losses during North American hours on Monday, falling to a fresh one-month low amid mounting skepticism over the implementation of a planned deal by OPEC to limit production.

Elsewhere, for January delivery on the ICE Futures Exchange in London last traded at 48.58 a barrel.

Non-OPEC producers made no specific commitment on Saturday to join OPEC in limiting oil output levels to prop up prices, suggesting they wanted the oil producing group to solve its differences first.

On Friday, OPEC members failed to agree on how to put in place a global deal to limit production, following objections from Iran which has been reluctant to even freeze its output, sources said.

The 14-member oil group reached an agreement to cap output to a range of 32.5 million to 33.0 million barrels per day in talks held in Algeria in late September.

However, OPEC said it won’t finalize details on individual output quotas until its next official meeting in Vienna on November 30.

In September, the group’s production reached 33.4 million barrels a day.

The possibility that producers could walk away empty-handed from the November meeting looms large after Iraq, Iran, Nigeria and Libya all signaled they might not take part in the proposed production cut deal. Russia’s unclear stance is also fueling uncertainty.

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