Oil prices are stable amid expectations of US inflation data and OPEC report
Kyiv • UNN
Brent crude oil futures rose to $83.49 per barrel for July delivery on Tuesday as investors focused on upcoming US inflation data, OPEC's monthly report and potential supply disruptions due to wildfires in Canada.
Futures for Brent crude oil for July delivery rose to $83.49 per barrel during trading on Tuesday, UNN reports citing trading data.
According to Bloomberg, as of 8:35 a.m., the price of Brent crude oil futures rose by 0.16%.
At the same time, the price of June futures for WTI rose to $79.25 per barrel, adding 0.16%.
Details
Oil prices were little changed on Tuesday, as investors kept an eye on new drivers, including upcoming US inflation figures and this week's monthly report from the Organization of the Petroleum Exporting Countries, Reuters reports.
"Oil prices rose slightly the day before, but remained in a wide range last week, with some reservations ahead of the upcoming US inflation data," said IG market strategist Yip Jun Rong.
Investors are watching the US Consumer Price Index data to be released on Wednesday to see when the Federal Reserve will consider cutting interest rates.
"Going forward, the focus will be on OPEC's monthly oil report for an update on global oil demand, while some will be watching to see if previous optimistic forecasts for the summer tourist season will continue," Yip said.
Meanwhile, the market is also watching wildfires in remote western Canada that could disrupt the country's oil supply. On Monday, firefighters rushed to extinguish one fire in British Columbia and two in Alberta, near the center of the country's oil sands industry.
No outages were reported. But Alex Hodes, an analyst at energy brokerage StoneX, said Canada's 3.3 million barrels per day production capacity is "likely to be affected.
According to a note by ANZ analysts, the market also continued to react to optimistic comments by Iraqi Oil Minister Haider Abdul Ghani. Ghani said on Sunday that Iraq would agree to comply with the voluntary production cuts agreed upon by OPEC+, which includes the Organization of the Petroleum Exporting Countries, Russia and other non-OPEC producers, at an upcoming meeting on June 1.
