Reuters
Singapore
Oil prices rebounded on Tuesday, supported by strong Chinese fuel consumption, halting a slide to 2003 levels earlier in the week after the return of Iran to markets added to an already huge supply overhang.
Traders said prices were supported by strong oil data from China, where preliminary oil demand for 2015 was at a record 10.32 million barrels per day, up 2.5 percent from 2014. Yet growth in China's 2016 oil consumption is seen lower as the world's second-largest economy slows further and the government reins in car purchase tax breaks that have so far propped up demand for gasoline-powered vehicles.
Front-month Brent crude futures LCOc1 were trading at $29.25 per barrel at 0716 GMT (2.16 a.m. ET), up 70 cents from their last settlement.
U.S. crude futures CLc1 also rose 24 cents to $29.66 a barrel and extended its premium over Brent.