Futures Movers: Oil prices bounce back as market waits for crude inventories

Crude oil prices rose in Asian trade Wednesday, buoyed mainly by a technical rebound following the sharp fall overnight after several global energy organizations suggested the global glut could last longer than expected.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in October CLV6, +0.51% traded at $45.11 a barrel, up $0.21, or 0.5%, in the Globex electronic session. November Brent crude LCOX6, +0.36% on London’s ICE Futures exchange rose $0.28 to $47.23 a barrel.

“Weaker oil prices are likely to weigh on the sector, with investor appetite remaining weak,” said ANZ Research.

>>> Original Source <<<