Oil prices rebound after four-day retreat

Oil prices rose on Tuesday, snapping a four-day losing streak triggered by oversupply concerns.

Total US crude oil production in October is expected to decline 40,000 barrels per day (b/d) from that of September, said Energy Information Administration (EIA) in its short-term energy outlook released on Tuesday.

Meanwhile, crude oil production is forecast to decrease till the third quarter of 2016 before picking up. US crude oil production is project to average 9.3 million barrels p/d in 2015 and 8.8 million barrels b/d in 2016, reported Xinhua.

EIA forecast that Brent crude oil prices will average $54 per barrel in 2015 and $56 in 2016. West Texas Intermediate crude oil prices will average $50 in 2015 and $51 in 2016.

The US benchmark, West Texas Intermediate for December delivery, moved up 34 cents to settle at $44.21 a barrel on the New York Mercantile Exchange. The global benchmark, Brent crude for December delivery, increased 25 cents to close at $47.44 a barrel on the London ICE Futures Exchange.