Investing.com - Oil prices were higher on Tuesday, bouncing back from the prior session's more than 2% drop as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products.
Industry group the American Petroleum Institute is due to release its weekly report at 4:30PM ET (2030GMT).
Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock drop of around 3.4 million barrels, which would mark an eighth weekly decline in a row
The U.S. West Texas Intermediate crude October contract was at $47.92 a barrel by 3:25AM ET (0725GMT), up 41 cents, or around 0.9%.
Elsewhere, Brent oil for October delivery on the ICE Futures Exchange in London tacked on 42 cents, or about 0.8%, to $52.09 a barrel.
Oil prices settled lower for the first time in three sessions on Monday as lingering concerns over a global supply glut weighed on sentiment.
OPEC and 10 producers outside the cartel, including Russia, agreed since the start of the year to slash 1.8 million barrels per day in supply until March 2018 in order to reduce a global supply glut and rebalance the market.
However, so far, the deal has had little impact on global inventory levels due to rising supply from producers not participating in the accord, such as Libya and Nigeria, as well as a relentless increase in U.S. shale output.
OPEC will discuss at a meeting in November whether to extend or end production cuts, Kuwait's oil minister Essam al-Marzouq said Monday.
Elsewhere on Nymex, gasoline futures for September inched up 0.9 cents, or nearly 0.6%, to $1.596 a gallon, while September heating oil added 1.2 cents, or 0.8%, to $1.583 a gallon.
Natural gas futures for September delivery was little changed at $2.965 per million British thermal units.