Oil rallies and trims previous day’s losses

FXStreet (Córdoba) – Oil prices rallied on Tuesday, with both WTI and Brent gaining almost 3% and erasing most of the previous day’s selloff.

WTI for delivery in February climbed 2.8%, to trade at $37.84 a barrel after losing 3.39% the previous day as global supply glut concerns linger. Meanwhile, February Brent crude rose around 3% to $37.74 a barrel, after falling 3.35% on Monday.

The American Petroleum Institute (API) will release its inventories report later in the day, while the Energy Information Administration (EIA) report is expected to show US inventories declined by 2.5 million barrels in the week ended Dec 25.

Oil prices rallied on Tuesday, with both WTI and Brent gaining almost 3% and erasing most of the previous day’s selloff.

(Market News Provided by FXstreet)