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Oil bounces off two-month lows; Brent above $47

Published 12/07/2016, 13:01
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Investing.com – Oil bounced off two-month lows Tuesday, with Brent recovering the $47 mark.
Brent crude added 96 cents, or 2.08%, to $47.21 at 06:45 ET. U.S. crude added 1.85% to $45.49.
Concerns of a supply glut continue to overhang the market, while the outlook for demand remains uncertain.
Players have been unwinding long positions on a more bearish outlook for oil prices.
OPEC is expected to release its June report later Tuesday.
American Petroleum Institute is also due to release U.S. crude stocks data for the latest week.
These will be followed Wednesday by official Energy Information Administration figures.
The official figures are forecast to show a drawdown of 3.2 million barrels of crude.
The dollar index was lower, lending support to oil prices.

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