Oil – slightly above 3-month lows, Eyes API data

Oil prices at both the sides of the Atlantic recovered from three-month lows in what appears to be a chart driven move as overall mood remains bearish following the sharp drop on Monday.

At the time of writing, Brent oil was up 0.38% or 17 cents at $45.30/barrel, while WTI was up 0.26% or 11 cents at $43.24/barrel. Brent prices hit lowest level since May on Monday and WTI hit lowest level since April.

Higher prices in Asia mostly represent technical correction and weakness in the US dollar. Traders now eye American Petroleum Institute (API) due for release today, which will be followed Us government’s weekly inventory report tomorrow.