Oil prices steady, U.S. consumer price data in focus

Home Business Oil prices steady, U.S. consumer price data in focus 25-06-2024 10:44 AM Ammon News - Oil prices were little changed on Tuesday after rising in the previous session helped by expectations of increased fuel demand this summer, but investors were cautious ahead of U.S. consumer price data. Brent futures for August settlement eased 5 cents to $85.96 a barrel as of 0640 GMT after gaining 0.9% on Monday, while U.S. crude futures were down 3 cents at $81.60 a barrel after climbing 1.1% a day earlier. Both benchmarks rose about 3% last week, marking two straight weeks of gains. Gasoline demand is rising and oil and fuel stockpiles have declined as the U.S., the world's biggest oil consumer, enters the peak summer consumption period. U.S. crude oil stockpiles are expected to have fallen by 3 million barrels in the week to June 21, a preliminary Reuters poll showed on Monday. Gasoline stocks were also expected to have declined, while distillate inventories likely rose last week.

Home Business

Oil prices steady, U.S. consumer price data in focus

25-06-2024 10:44 AM

Ammon News - Oil prices were little changed on Tuesday after rising in the previous session helped by expectations of increased fuel demand this summer, but investors were cautious ahead of U.S. consumer price data.

Brent futures for August settlement eased 5 cents to $85.96 a barrel as of 0640 GMT after gaining 0.9% on Monday, while U.S. crude futures were down 3 cents at $81.60 a barrel after climbing 1.1% a day earlier.

Both benchmarks rose about 3% last week, marking two straight weeks of gains.

Gasoline demand is rising and oil and fuel stockpiles have declined as the U.S., the world's biggest oil consumer, enters the peak summer consumption period.

U.S. crude oil stockpiles are expected to have fallen by 3 million barrels in the week to June 21, a preliminary Reuters poll showed on Monday. Gasoline stocks were also expected to have declined, while distillate inventories likely rose last week.

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