Crude oil prices attempted a rebound on Tuesday after big losses over the previous two trading sessions, triggered by weaker-than-expected economic growth in China. Market focus has now shifted to the inventory data from the U.S. due later in the day.
Expectations of an end to the Fed's rate hikes and Goldman Sachs revising down the odds of a recession in the U.S. supported the rebound. Resumption of supplies from Libya as well as hopes of stimulus from China also supported the rebound.
Brent Oil Futures for September settlement which had finished Monday's trading at $78.50 traded between $78.20 and $80.64. It is currently at $78.56, having gained 0.08 percent from the previous close.
West Texas Intermediate Crude Oil Futures for September settlement which had a closing price of $74.08 on Monday ranged between a high of $74.76 and a low of $73.84. The current price of $74.76 represents a gain of 0.92 percent from the previous close. Data released on Sunday had showed China's GDP rising to 6.3 percent in the month of May, from 7.3 percent in the previous month and versus expectations of 0.2 percent. The disappointing data has called into question the status of post-pandemic recovery in China, raising concerns about the nation's potential oil demand.
