Crude prices hold revenues in Asia

On Tuesday, crude prices rebounded in Asia, with industry reports on inventories ahead expected to set the near-term tone as well as comments by the an official with the Paris-based International Energy Agency, dropping a hint at solid demand from Asia.

In New York, May delivery crude futures grew 0.50%, trading at $47.97 a barrel. In London, Brent futures surged 0.37%, being worth $51.09 a barrel.

The American Petroleum Institute is expected to release its estimates of crude as well as refined product stockpiles at the end of the previous week, followed by official news from the US Department of Energy on Wednesday.

Overnight, oil settled lower, as traders questioned whether an OPEC-led output cut would be extended beyond June amid concerns over a glut in supply.

Crude prices dipped to November minimums during the American session, as worries over a glut in American inventories kept weighing on sentiment, notwithstanding an agreement from a join committee of ministers from OPEC as well as non-OPEC crude producers to review whether the current OPEC-led agreement to reduce output should be extended for extra six-months.