Crude Futures Jump Nearly 2%, Ahead of Weekly API Supply Report

Crude futures rose considerably on Tuesday erasing most of their losses from the previous session, ahead of the release of the American Petroleum Institute's weekly crude supply report after the close of trading. 

On the New York Mercantile Exchange, WTI crude for November delivery traded in a tight range between $44.35 and $45.70 a barrel, before settling at $45.27, up 0.82 or 1.83% on the session.

 It came one day after NYMEX oil prices slid more than 2%, amid stronger indications from the Federal Reserve that it will raise interest rates before the end of the year. 

U.S. crude futures have now closed higher in three of the last five sessions. While WTI crude has gained more than 2.25% in value over the last month of trading, it still remains only slightly above its late-August level when it crashed to fresh six and a half year lows. 

On the Intercontinental Exchange (ICE), brent crude for November delivery wavered between $47.27 and $48.62 a barrel, before closing at $48.27, up 0.92 or 1.95% on the day. The spread between the international and U.S. domestic benchmarks of crude stood at $3.00, slightly above Monday's level of $2.98 at the close.


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