Oil prices recovered in anticipation of stockpiles data in US

Oil prices recovered on Tuesday, as main oil benchmarks WTI and Brent traded in the green area in anticipation of serial data on US reserves.

US crude oil recovered on Tuesday from Monday's steep losses, with Brent trading near its lowest level since mid -2004 on a worsening supply glut.
Futures for WTI rose 0.28% to trade at $35.91 per barrel, while Brent futures dropped 0.33% to $36.23 per barrel.
The current global surplus of oil is the major threat for oil prices that had been falling since the summer last year, with some analysts predicting the commodity has not yet reached its bottom.Investment bank
Goldman Sachs sees oil at $20 per barrel next year, while some investors say the price may go even lower.
Oil production in the US is expected to fall from the current about 9.1 million barrels a day (bpd) to around 8.6 million bpd by mid-2016.
"While the oil market is expected to remain in surplus through 2016, the rate of stock builds is expected to slow, and there is enough onshore storage to contain it," analysts at Barclays stated.
The fresh weekly stockpiles data by the American Petroleum Institute will be released later on Tuesday,while the official government data are due to be published on Wednesday.
Last week, crude stockpiles in the US jumped by 4.801 million barrels to hit 491 million barrels, an almost record high, even as the market had forecast a fall of about 500,000 barrels. For the week ending December 18,analysts predict a rise of about 1 million barrels.