Oil gained before a series of market reports and US inflation data, which may provide direction for prices that have traded in a tight range this year. Brent futures edged toward $83 a barrel, while West Texas Intermediate traded above $78, as European stocks and US equity futures also rose. Investors must digest a raft of information on Tuesday, including OPEC’s monthly report and industry figures on US stockpiles.
Keenly awaited US inflation data will help determine when the Federal Reserve finally pivots to monetary easing. Oil has advanced this year but prices have been caught between the push and pull of bullish and bearish factors. OPEC+ supply cuts have been offset by higher output from outside the group, while concerns about Chinese demand persist. Later this week, the International Energy Agency will provide a snapshot on the marke