Oil prices rose before the release of US data related to expectations and inventories, in light of the global market tightening on the back of supply cuts by “OPEC +”.
West Texas Intermediate crude oil rose to surpass $82 a barrel, after closing down 1.1% on Monday. The Energy Information Administration is due to release its monthly report that includes short-term energy outlooks later on Tuesday, followed by oil and gasoline inventories data from the industry-funded American Petroleum Institute.
Oil’s rally gained strength after Saudi Arabia and Russia pledged supply cuts to support the market, overshadowing lingering concerns about China’s economic recovery. Risks to Russian flows into the Black Sea also remain in focus, after tensions escalated over the weekend.
The International Energy Agency and OPEC are also expected to release reports later this week that will provide insights into the oil market. Investors will also be watching Thursday’s US CPI data for clues on the future path of monetary tightening. As the interest rate hike affected commodities.
2023-08-08 03:21:38
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