Oil Prices Steady Amid Awaited Inflation Data and Fed Meeting
Oil prices remained mostly stable on Tuesday as investors awaited key inflation data from the US and China, along with the Federal Reserve's policy meeting outcomes. Brent crude futures fell by 14 cents—or 0.2 percent—to one dollar 81.49 per barrel, and US West Texas Intermediate crude futures slipped by 18 cents—or 0.2 percent—to one dollar 77.56. Key factors under scrutiny include US Consumer Price Index data and China's Producer Price Index, both scheduled for release on Wednesday.
Oil prices remained mostly stable on Tuesday as investors awaited key inflation data from the US and China, along with the Federal Reserve's policy meeting outcomes.
Brent crude futures fell by 14 cents—or 0.2 percent—to one dollar 81.49 per barrel, and US West Texas Intermediate (WTI) crude futures slipped by 18 cents—or 0.2 percent—to one dollar 77.56.
Both saw recent gains, boosted by expectations of increased summer fuel demand.
However, analysts believe these gains may be temporary due to the likelihood of continued high interest rates.
Key factors under scrutiny include US Consumer Price Index data and China's Producer Price Index, both scheduled for release on Wednesday.
Concerns about oversupply and dampened demand for the rest of 2024 also weigh on the market, with Saudi crude exports to China falling for the third consecutive month.
Brent crude futures fell by 14 cents—or 0.2 percent—to one dollar 81.49 per barrel, and US West Texas Intermediate (WTI) crude futures slipped by 18 cents—or 0.2 percent—to one dollar 77.56.
Both saw recent gains, boosted by expectations of increased summer fuel demand.
However, analysts believe these gains may be temporary due to the likelihood of continued high interest rates.
Key factors under scrutiny include US Consumer Price Index data and China's Producer Price Index, both scheduled for release on Wednesday.
Concerns about oversupply and dampened demand for the rest of 2024 also weigh on the market, with Saudi crude exports to China falling for the third consecutive month.
Translation:
Translated by AI
