Oil prices wait to see if global supply will keep ballooning

Crude-oil prices inched up slightly on a technical rebound in Tuesday Asia trade but concerns of ballooning global supply will likely keep gains limited.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in December CLZ5, +0.09%  traded at $46.24 a barrel, up $0.10 in the Globex electronic session. December Brent crude LCOZ5, -0.18%  on London’s ICE Futures exchange was unchanged at $48.79 a barrel.

Oil prices took a hit Monday after data indicated China’s manufacturing activity contracted again last month. The Caixin China manufacturing purchasing managers index rose to 48.3 in October from 47.2 in September. The official gauge of China’s factory activity, released Sunday, was unchanged at 49.8 in October. A reading below 50 indicates a contraction and the index has stayed below that level for eight consecutive months.

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