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NYMEX crude prices gain in Asia in rebound trade, API data awaited

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Investing.com -

Investing.com - Crude oil prices gained in Asia on Tuesday as investors saw value after recent declines and ahead of industry stocks data in the U.S. later today.

On the New York Mercantile Exchange, West Texas Intermediate Crude Oil for delivery in October traded at $93.94 a barrel, up 0.20%, after hitting an overnight session low of $93.44 a barrel and a high of $95.09 a barrel.

On Monday, Brent oil on ICE Futures Europe fell 1.9% to $101.60 a barrel, the lowest price since June 25, 2013.

Weekly crude oil stocks data from the American Petroleum Institute is due later in the day. Last week, API said crude stocks rose 2 million barrels, while distillate stocks fell 2.6 million barrels and gasoline stocks rose 2.7 million barrels for the previous week.

On Wednesday, the more closely followed government data from the Department of Energy is expected to show crude oil inventories down 1.5 million barrels last week, distallate stocks off 175,000 barrels and gasoline stocks down 1.725 million barrels.

Overnight, oil prices took a dive on fears crude supply far outweighs demand, which offset upbeat U.S. housing data.

Ongoing concerns that the world is awash in crude battered oil prices on Monday, especially as tensions between Ukraine and Russia appeared to wane.

Russian and Ukraine foreign ministers held talks earlier and while no resolution to end the conflict emerged, the flow of humanitarian aid deliveries into Ukraine from Russia continued, which eased nerves in global markets.

Crude prices have spiked in recent sessions on fears the conflict will heat up and disrupt shipments out of Russia.

Upbeat U.S. data failed to seriously cushion's oil's slide on Monday.

The National Association of Home Builders/Wells Fargo Housing Market Index increased to 55.0 in August, a seven-month high, from 53.0 in July, beating estimates for a reading of 53.0.

A level above 50.0 indicates a favorable outlook on home sales and below indicates a negative outlook.

"As the employment picture brightens, builders are seeing a noticeable increase in the number of serious buyers entering the market," said NAHB Chairman Kevin Kelly.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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