Oil attempts minor-recovery, WTI regains $ 41.50

Oil prices on both sides of the Atlantic stalled its downslide in Asia and now extend the gradual recovery path into early Europe.

Brent nears $ 44 mark

Currently, both crude benchmarks recover losses, with Brent down 0.40% at $ 43.88, while WTI drops -0.24% to 41.61. Oil prices trims losses and attempts a tepid-bounce from four-day troughs as dust settles over the EIA inventory report aftermath.

The black gold dropped sharply a day before after the EIA stockpiles report showed that crude stocks expanded by 1.06 million barrels to 523.6 million barrels over the week to August 5, following a rise of 1.41 million barrels a week before. It marked the third straight weekly rise.

Adding to the downside in oil, Saudi Arabia reported a new record high 10.67 million bpd in its crude oil production in July. Meanwhile, markets now digest the latest monthly oil reports by the EIA and OPEC as well as the weekly supply reports released earlier this week.

Attention now turns towards the Chinese industrial production and fixed asset investment data ahead of the US rigs count due Friday.