(Bloomberg) — 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.
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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 market.
“There have been mixed signals on oil demand from OPEC and the US Energy Information Administration, and they need to find consensus for the market to have clear direction,” said Charu Chanana, an analyst at Saxo Capital Markets Pte in Singapore.
Russia’s Lukoil PJSC had to halt operations at a refinery unit in the Nizhny Novgorod region after a Ukrainian drone strike resulted in a fire at the Norsi plant. It’s the most destructive attack on Russia’s downstream sector in more than a month, and could potentially disrupt fuel flows to both domestic and overseas markets.
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–With assistance from Elizabeth Low.
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