US oil rebounds as stocks gain

New York, July 29 (IANS) US oil prices bounced back as the equity market of the country went up.

US stocks jumped on Tuesday, snapping a five-day losing streak, as Wall Street eyed US Federal Reserve’s two-day policy meeting, reported Xinhua.

The US oil price took a breath after several days’ decline, as the equity market boosted the market sentiment.

The Brent crude dropped amid worries about the global supply glut. It was widely expected that more Iran crude would come to the already well-supplied oil market.

And strong worldwide production numbers have prompted traders to anticipate that the supply glut will last till next year.

Traders are also eyeing the US oil data of last week which will be released on Wednesday by Energy Information Administration.

The West Texas Intermediate for September delivery moved up 59 cents to settle at $47.39 a barrel on the New York Mercantile Exchange, while Brent crude for September delivery decreased 17 cents to close at $53.3 a barrel on the London ICE Future Exchange.

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