Investing.com - Crude oil rebounded in Asia on Tuesday ahead of industry data on U.S. stocks, but a weak demand outlook weighs on the commodity.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in October traded at $92.96 a barrel, up 0.32%, after hitting an overnight session low of $91.81 a barrel and a high of $93.61 a barrel.
Brent oil, the global oil benchmark, fell 0.6% to $100.20 a barrel on the ICE Futures Europe exchange Monday, the lowest closing price since May 1, 2013.
Data from the American Petroleum Institute is due for U.S. crude stocks ended last week, with the previous week's report showing a drop of 545,000 barrels in crude stocks. That will be followed on Wednesday from more closely watched data by the U.S> Department of Energy, which shoed a 905,000 barrel drop last week.
Overnight, oil prices moved to nine-month lows on Monday after weak Chinese import data and Friday's soft U.S. August jobs report stoked demand concerns.
Data released earlier showed that China's exports rose more than forecast in August, though imports fell unexpectedly, underlining concerns over the health of the world's second largest economy.
Chinese exports climbed 9.4% from a year earlier, beating expectations for an 8% increase, however imports declined 2.4% last month, disappointing forecasts for a 1.7% gain, which pushed oil prices lower.
The country’s trade surplus widened to a record high of $49.8 billion in August from $47.3 billion in July, compared to estimates for a surplus of $40.0 billion.
Persistent concerns that the global economy still faces headwinds while oil supply remains ample have battered crude prices in recent sessions, which carried over into Monday, especially on sentiments that military conflicts in Ukraine, Iraq and elsewhere in the Middle East have not disrupted shipments as once feared.