Oil attempts gains ahead of API inventory report

Oil prices on both sides of the Atlantic wipe-out Asian losses and attempt a minor-recovery in early Europe amid improved sentiment towards risky assets.

Weekly US crude supply reports

Currently, both crude benchmarks trade modestly flat, with Brent around $ 51.40, while WTI hovers around $ 50.50 levels. Oil prices staged a minor-recovery as we head towards the European session, as markets moved past reports of the impending restart of Britain's Buzzard oilfield and looming OPEC cut issue.

Moreover, easing buying pressure on the US dollar versus its major peers also appears to spur the recovery in oil prices.  A stronger USD makes dollar denominated commodity expensive for the holders in foreign currencies and vice-versa.

Meanwhile, markets digest the latest comments from IEA executive director, Faith Birol, as he reiterates that global oil markets are expected to rebalance in H2 2017.

Later today, the private American Petroleum Institute (API) is due to publish its weekly crude stocks estimates, which will be followed by Wednesday’s official Energy Information Administration (EIA) data.