Oil prices were little changed on Tuesday as investors eyed fresh drivers, including upcoming U.S. inflation indicators and a monthly report from the Organization of the Petroleum Exporting Countries this week.
Brent crude futures inched 11 cents higher to $83.47 a barrel at 0630 GMT, while U.S. West Texas intermediate crude futures climbed 9 cents, reaching $79.21 a barrel.
The benchmarks contracts settled on a higher note on Monday, which was due to the improving demands from U.S. and China, who are two of the world’s largest 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 U.S. inflation data keeping some reservations in place,” said Yeap Jun Rong, market strategist at IG.
The U.S. Consumer Prince Index data, which is due on Wednesday, is also under the watch by the investors, as they are trying to grab the hint over when the Federal Reserve will cut the interest rates, which could boost the economic growth, hence the oil demand.
The latest OPEC monthly oil market report is due later on Tuesday.
The market is also consistently keeping an eye on the wildfire in the remote areas of Canada, which can ultimately disrupt the country’s oil supply.
