Oil swung between gains and losses amid a rebound in commodities while industry data showed U.S. crude stockpiles declined.

Futures were little changed in New York after advancing 2.8 percent Tuesday. U.S. crude inventories decreased by 7.3 million barrels last week, the American Petroleum Institute was said to have reported. An increase of 1.45 million barrels is forecast in a Bloomberg survey before an Energy Information Administration report Wednesday.

Oil remains down more than 35 percent from this year’s closing peak in June after plunging Monday to the lowest close since February 2009 on concern China’s fuel demand will falter while a global surplus persists. The Bloomberg Commodity Index of 22 raw materials including crude and metals rebounded Tuesday from a 16-year low.

West Texas Intermediate for October delivery was at $39.20 a barrel on the New York Mercantile Exchange, down 11 cents, at 9:24 a.m. Sydney time after rising as much as 1.2 percent. The contract climbed $1.07 to $39.31 on Tuesday. The volume of all futures traded was about 15 percent below the 100-day average. Prices have decreased 26 percent this year.

Brent for October settlement gained 52 cents, or 1.2 percent, to $43.21 a barrel on the London-based ICE Futures Europe exchange on Tuesday. The European benchmark crude ended the session at a premium of $3.90 to WTI.

Source : Bloomberg