Crude oil futures rallied Tuesday along with global stocks after a two-day swoon brought on by the shock Brexit vote.
With calm restored to markets for the time being, bargain hunters were on the prowl for discounts.
Crude oil, which plunged 7.5 percent between Friday and Monday, took back nearly half of those losses today.
WTI crude oil rose $1.52, or 3.3 percent, to settle at $47.85/bbl on Nymex.
Encouraging economic data from the US helped alleviate demand concerns.
Economic activity in the U.S. increased faster than previously estimated in the first quarter of 2016.
The Commerce Department said the pace of growth in gross domestic product was upwardly revised to 1.1 percent from the previous estimate of 0.8 percent.
The American Petroleum Institute is out with industry figures this afternoon, while the Energy Department releases official numbers tomorrow morning.
Analysts are calling for a modest draw down in U.S. stockpiles.
The material has been provided by InstaForex Company – www.instaforex.com