SINGAPORE- Oil prices were little changed on Tuesday as investors eyed fresh drivers, including upcoming US inflation indicators and a monthly report from the Organization of the Petroleum Exporting Countries this week.
Brent crude futures inched 4 cents higher to $83.40 a barrel, while US West Texas Intermediate crude futures rose 5 cents to $79.17 a barrel.
The benchmark contracts settled higher on Monday on signs of improving demand in the US and China, world’s top two oil consumers.
“Oil prices were slightly higher overnight but remain in a broad holding pattern over the past week, with the lead-up to the upcoming US inflation data keeping some reservations in place,” said Yeap Jun Rong, market strategist at IG.
Investors are watching the US Consumer Price Index data due on Wednesday for clues to when the Federal Reserve will consider cutting interest rates.
“Ahead, the OPEC monthly oil report will be in focus to provide any updates on global oil demand, with some eyes on whether the previous optimistic guidance around the summer travel season will continue to hold,” said Yeap.
The latest OPEC monthly oil market report is due to come later Tuesday, based on OPEC’s website.
