Oil pauses rebound ahead of rig count data

Oil prices on both sides of the Atlantic extended its upbeat momentum in Asia, and now consolidates the upside heading into Europe, with all eyes on the US rigs count and economic data due later today

Brent nears $ 44 mark

Currently, both crude benchmarks defend mild gain, with Brent up 0.20% at $ 46.15, while WTI gains +0.51% to 43.72. Oil prices stalled its rebound and trims gains this session as the US dollar appears to pick-up pace against its major peers, ahead of the release of a host of crucial US macro data.

 Moreover, markets remain wary before the US rigs count data amid renewed expectations that the OPEC could take some potential action at its meeting next month following the weak outlook.

Meanwhile, markets continue to digest weaker Chinese industrial production, retail sales and fixed asset investment data. China is the world’s second largest consumer of oil.