WTI climbs in Asia, eyes $ 50 ahead of API report

Oil benchmarks on both sides of Atlantic traded mixed in the Asian session, with the Brent having recovered most losses, while WTI extends higher towards $ 50 mark.

Oil supported ahead of API report  

Currently, both crude benchmarks are seeking to extend to the upside, with Brent down –0.12% at $ 50.31, while WTI oil rises 0.67% to $ 49.66. Oil prices are seen gathering pace for a test of multi-month highs reached ahead of $ 50 mark, although remain cautious ahead of the fresh weekly stockpiles data from API.

Moreover, increased nervousness before the OPEC June 2 meeting also keeps the gains in check, as any outcome from the meeting may trigger wild swings and hence, traders refrain from placing any directional bet on the black gold.  

Markets also await the EIA weekly inventory report ahead of the OPEC meeting, with markets expecting another fall in the US crude reserves.