West Texas Intermediate futures for November delivery, which expires today, climbed to $46.38 ( 0.22%), while Brent crude slightly rebounded to $48.69 ( 0.16%) ahead of data on U.S. crude inventories. Nevertheless fundamentals including global oversupply and economic slowdown in China (world's second-biggest consumer of oil) remain unfavorable.
Some analysts say that today's gains in oil prices come after the market overreacted to Chinese GDP data (6.9% y/y in Q3 vs the 7% target) yesterday. On Wednesday the Energy Information Administration will publish data on U.S. crude inventories in the week ending October 16. Analysts expect to see a build-up.