Oil up 2 pct on Wall Street after early slide on U.S. stockpile worry

By Barani Krishnan

NEW YORK (Reuters) - Oil prices rebounded in volatile trading on Tuesday as a Wall Street rally helped boost crude prices down initially on expectations that U.S. crude stockpiles had swelled to another record high last week.

Brent, the global benchmark for crude oil, was up 32 cents at $36.89 a barrel by 11:47 a.m. EST (1647 GMT), after touching a session low at $35.95.

U.S. crude was up 54 cents at $34.29 a barrel, after an intraday low at $33.37.

Crude oil prices have risen in seven of the past 12 sessions. Traders said some who had been long the market had possibly booked profit ahead of data due later on Tuesday and o Wednesday that was forecast to show growing record high U.S. crude inventories for the week to Feb. 26.

But a near two-month high in equity prices on Wall Street, which have mostly traded in tandem with oil for weeks now, helped crude rebound, the traders said.

(Additional reporting by Karolin Schaps in London; Editing by Marguerita Choy)