Oil Recovers Some Lost Ground Ahead of U.S. Inventory Data Release By Investing.com

By Barani Krishnan

Investing.com – Oil prices rose by about 1% on Tuesday, recovering about a quarter of what they lost in the previous session, as the trade awaited the release of weekly inventory data on U.S. petroleum supply-demand.

New York-traded , the benchmark for U.S. crude, settled up 68 cents, or 1.2%, at $59.33 per barrel. WTI lost 4.6% on Monday, after hurtling to a two-week low of $57.63.

London-traded , the global benchmark for crude, settled up 59 cents, or 1%, at $62.74. Brent lost 4.2% in the previous session.

The American Petroleum Institute, or API, is scheduled to release at 4:30 PM ET (20:30 GMT) a snapshot of what last week’s inventory level for crude and petroleum might have been. 

The API snapshot comes before Wednesday’s official report from the U.S. Energy Information Administration on supply-demand of petroleum products for the week ended April 1.

According to a consensus of analysts tracked by Investing.com, U.S. crude likely fell by 1.44 million barrels during the week ended April 1, versus the drop of 876,000 barrels noted in the previous week to March 26.

likely declined by 221,000 barrels versus the drop of 1.74 million in the prior week, consensus shows.

And stockpiles of , made up of diesel and , likely expanded by 486,000 barrels last week after building by 2.54 million barrels a week earlier.