Oil prices were little changed Tuesday as new factors focused on upcoming U.S. inflation indicators and this week’s monthly report from the Organization of Petroleum Exporting Countries.
Brent crude futures were up 4 cents at $83.40 a barrel at 03:15 GMT, while WTI crude futures were up 5 cents at $79.17 a barrel.
Brent and WTI rose on Monday on signs of rising demand in the United States and China, the world’s two largest oil consumers.
Oil prices rose slightly overnight but remained in a broadly holding pattern over the past week as upcoming US inflation data kept some reservations.
Investors are watching U.S. Consumer Price Index data due Wednesday for clues about when the Fed will consider lowering interest rates.
Moving forward, OPEC’s monthly oil report will be in focus to provide an update on global oil demand, with all eyes on whether the previously optimistic outlook for the summer travel season will continue.
The OPEC monthly oil market report will be released later Tuesday.
Meanwhile, the market is also monitoring wildfires in remote areas of Canada’s west that could disrupt the country’s oil supply. No operational disruptions were reported. However, Canada’s production capacity of 3.3 million barrels per day is likely to be affected.
According to analysts, the market is also reacting to bullish comments made by Iraqi oil minister Hayyan Abdul Ghani over the weekend.
Meanwhile, Iraq is contradicting its statements on Saturday that it had made enough voluntary cuts and would not accept any new production cuts.
