Oil flat-lined near 2-month low, awaits API report

Oil benchmarks on both sides of Atlantic staged a minor-rebound in the Asian trades, although lacked follow-through as market turned cautious ahead of the upcoming API crude stockpiles report.

Oil eyes weekly supply reports, China data

Currently, both crude benchmarks swing to gains, with Brent up +0.32% at $ 46.41, while WTI trades +0.22% higher at $ 44.86 levels. Oil prices attempt a minor-recovery this Tuesday, amid news of an interruption in Iraqi crude loadings at Basra, which brought supply disruption concerns back into the markets.

Moreover, increased cautiousness ahead of the key macro events this week, including the crude supply reports, Chinese economic data and BOE monetary policy decision, keeps investors on the side-lines.

Analysts at ANZ noted, "Oil prices continued their period of weakness as investors remained concerned that increasing exploration activity in the U.S. would see U.S. production and inventories remain high. Signs of an end to several supply disruptions and a stronger U.S.-dollar also played their part in keeping sentiment bearish."