US crude oil inventories expected to tighten
WTI crude was trading at $48.50 at the start of New York trading then tumbled to $47.65 in a quick move but it's rebounded to $48.32 ahead of the weekly inventory report.
In the bigger picture, crude is consolidating below $50.
In the API report late yesterday, US stockpiles fell by 4.8m barrels. The consensus for today's report is a draw of 3.1 million.
