Oil prices rose on Tuesday, recouping some of the previous session's losses, as traders focused on production curbs by the world's two largest oil exporters, Saudi Arabia and Russia, and awaited data that could help determine demand.Brent crude futures LCOc1 gained 33 cents, or 0.4%, to $78 a barrel and US dollar. West Texas Intermediate …
Oil prices rose on Tuesday, recouping some of the previous session’s losses, as traders focused on production curbs by the world’s two largest oil exporters, Saudi Arabia and Russia, and awaited data that could help determine demand.
Brent crude futures LCOc1 gained 33 cents, or 0.4%, to $78 a barrel and US dollar. West Texas Intermediate crude CLc1 was trading at $73.34 US Dollar, up around 35 cents, or 0.5%.
Prices fell 1% on Monday, as investors profited from last week’s 4.5% jump and as prospects for future interest rate hikes in the United States rose.
While central bank officials predicted that the US Federal Reserve will need to hike interest rates further to reduce inflation, markets took heart from signs that they believe the current monetary policy tightening cycle is nearing its end.
Traders were also anticipating oil inventory data from the American Petroleum Institute, which was coming later on Tuesday. Expect a build of approximately 200,000 barrels.
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