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Market ReportOil & Gas Market Wrap

Crude rebounds after lurching back to bear territory

In London trading Brent crude gained 2% to change hands at around US$43 per barrel.

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Attentions never far from oversupply.

Having previously lurched back toward bear market territory crude prices rebounded on Tuesday, but oversupply worries are never far away.

Responding to the new decline seen in recent sessions a number of analysts and expert commentators have reaffirmed forecasts for rallies back to levels above US$55 per barrel.

Meanwhile, in London trading Brent crude gained 2% to change hands at around US$43 per barrel, while West Texas Intermediary futures were up 1.6% to US$40.70.

The weight on oil market sentiment continues to the apparent glut in supply - put simply, there’s still too much oil production and not enough demand.

Later today the American Petroleum Institute will deliver the first of the week’s inventory reports, the market’s often relied upon gauge on US consumption.

Experts expect this week’s figures will show a draw on stockpiles of crude, as well as gasoline and distillate - though the same was forecast week only for the numbers to show an increase in the surplus.

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