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UPDATE 9-Oil up 2 pct on Wall Street after early slide on U.S. stockpile worry

Published 2016-03-01, 12:01 p/m
© Reuters. UPDATE 9-Oil up 2 pct on Wall Street after early slide on U.S. stockpile worry
US500
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LCO
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(New throughout, updating market activity and comments to U.S.
session; changes byline and dateline, previous LONDON)
By Barani Krishnan
NEW YORK, March 1 (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 LCOc1 , 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 CLc1 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. EIA/S
But a near two-month high in equity prices on Wall Street
.SPX , which have mostly traded in tandem with oil for weeks
now, helped crude rebound, the traders said. .N

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