Ammon News - Oil prices were steady on Tuesday, as investors waited for key U.S. and China CPI data as well as the outcome of the Federal Reserve's policy meeting to glean a clearer picture of where inflation is heading and how that will affect fuel demand.

Brent crude futures fell 5 cents, or 0.06%, to $81.58 per barrel by 0817 GMT and U.S. West Texas Intermediate crude futures slipped 1 cent, or 0.01%, to $77.73.

Prices had climbed about 3% to a one-week high on Monday, buoyed by expectations that the Northern Hemisphere summer vacation season will boost fuel demand this summer, a gain some analysts said was likely to be short-lived given the prospect of higher interest rates remained.

Reuters