Investing.com - West Texas Intermediate oil futures rebounded from the previous session's heavy losses on Tuesday, as investors looked ahead to the release of U.S. weekly supply data.
On the New York Mercantile Exchange, crude oil for delivery in October inched up 0.48%, or 45 cents, to trade at $93.11 a barrel during European morning hours. Prices held in a narrow range between $92.77 and $93.24 a barrel.
A day earlier, U.S. oil prices fell to $91.80 a barrel, a level not seen since January 13 as continued strength in the U.S. dollar and concerns about weak demand weighed.
Futures were likely to find support at $91.43 a barrel, the low from January 13 and resistance at $94.99 a barrel, the high from September 5.
Traders awaited key U.S. weekly supply data to gauge the strength of oil demand from the world’s largest consumer.
The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles fell by 1.5 million barrels in the week ended September 5.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery slumped 0.07%, or 7 cents, to trade at $100.13 a barrel.
London-traded Brent prices tumbled to $99.36 on Monday, the lowest since May 1, 2013 as ample global supplies and concerns about weak demand drove prices lower.
Libya's National Oil Corporation said on Monday that the country's oil output increased by 15,000 per day from a week earlier to hit 740,000 barrels per day, as the reopening of several oil export ports sparked a boost in production.