Oil prices stable as market awaits data on inventories, economy

📆 12/09/2023 05:03:00
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Brent crude futures hovered just above $90 a barrel on Tuesday, as investors awaited a slew of macroeconomic data due later this week that could indicate whether Europe and the U.S. continue to hike interest rates. The international benchmark Brent contract dipped 6 cents to $90.58 a barrel at 0003 GMT, while U.S. West Texas Intermediate crude futures edged 2 cents lower to $87.27.

A general view of the Phillips 66 refinery, as seen from Rodeo, CA - Brent crude futures hovered just above $90 a barrel on Tuesday, as investors awaited a slew of macroeconomic data due later this week that could indicate whether Europe and the U.S. continue to hike interest rates.

Brent reached $90 a barrel last week for the first time in 10 months after Saudi Arabia and Russia announced they would extend voluntary supply cuts of a combined 1.3 million barrels per day until the end of the year. Also looking ahead, U.S. August consumer price index data due on Wednesday could provide a steer on whether more increases to interest rates will be on the cards.

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Oil prices stable as market awaits data on inventories, economyBy Stephanie Kelly (Reuters) - Brent crude futures hovered just above $90 a barrel on Tuesday, as investors awaited a slew of macroeconomic data due ...
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