Credit: Investing.com -
Investing.com -- Crude oil prices rebounded in Asia on Tuesday ahead of data on U.S. stockpiles expected to set a tone for the market.
The American Petroleum Institute will release its estimates of U.S. crude, distillate and gasoline stocks from last week late on Tuesday. This will be followed by more closely watched U.S. Department of Energy figures on Wednesday.
On the New York Mercantile Exchange, crude oil for delivery in March rose 1.04% to trade at $50.29 a barrel.
Overnight, oil futures turned lower in volatile trade on Monday, after data showed that manufacturing activity in the U.S. expanded at the slowest pace in 11 months in January, fuelling concerns over the health of the economy.
Oil turned lower after the Institute for Supply Management said its index of purchasing managers fell to 53.5 last month from a reading of 55.5 in December. Analysts had expected the manufacturing PMI to decline to 54.5 in January.
The disappointing data came after the Commerce Department said that personal spending fell 0.3% in December, worse than expectations for a decline of 0.2%.
Meanwhile, in China, data released earlier showed that the final China HSBC Manufacturing Purchasing Managers' Index ticked down to 49.7 in January from a preliminary reading of 49.8. Analysts had expected the index to remain unchanged.
Over the weekend, government data showed that China's manufacturing purchasing managers' index slipped to a two-year low of 49.8 in January, below expectations for a reading of 50.2 and down from 50.1 in December.
The gauge contracted for the first time since September 2012, adding pressure on policymakers to stimulate a faltering economy.
The U.S. and China are the world's two largest oil consuming nations.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for March delivery slumped 9 cents, or 0.16%, to trade at $52.91 a barrel on Monday. Futures traded in a wide range between 451.42 and $55.39 a barrel.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
