Investing.com - Crude oil prices rebounded in Asia on Wednesday as dollar gains took a breather though investors awaited further clues on the greenback from Federal reserve minutes due to be released later in the day.
On the New York Mercantile Exchange, U.S. crude for February delivery rose 0.57% to $52.63 a barrel. Global benchmark Brent crude was last quoted at $55.59, down 0.11%. Crude has been well supported by a coordinated cut between OPEC and non-OPEC producers that is slated to take nearly 1.8 million barrels per day (bpd) out of global markets starting in the New Year.
Later on Wednesday the American Petroleum Institute will release its estimates of U.S. crude and refined product inventories at the end of last week. The figures will be followed on Thursday by official data from the U.S. Department of Energy. Figures this week in both cases are delayed a day because of the New Year holiday.
Overnight, crude fell sharply on a surge in the U.S. dollar index to an 14-year high that made the commodity sold in dollars more expensive for key buyers like China and India.