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4/16, 7:18 PM (Source: TeleTrader)
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Oil rebounds ahead of US stockpiles data

Oil futures turned to gains on Tuesday, hours ahead of the newest information of stockpiles in the United States. Investors are also paying attention to the political situation in Venezuela and Libya as both countries represent important exporters. Meanwhile, reports emerged that Iran's oil exports were lower than one million barrels per day in the first two weeks of April, marking a decrease from 1.1 million barrels per day in March.

The Organization of the Petroleum Exporting Countries (OPEC) canceled its April meeting with other major oil producers and moved their next OPEC+ get together to June. However, the producers will first meet in Jeddah, Saudi Arabia for the Joint Ministerial Monitoring Committee.

International benchmark Brent for June delivery gained 0.25% to go for $71.34 per barrel at 1:02 pm ET. May West Texas Intermediate (WTI) increased 0.41% to $63.64 per barrel at 1:03 pm ET.

Breaking the News / VP