Crude oil prices were treading water early Wednesday after an overnight bump faded ahead of an update on U.S. inventories, as well as the U.S. June inflation report that could impact markets more broadly.
Price action
-
West Texas Intermediate crude for August delivery
CL00,
+0.94% CLQ24,
+0.14%
gained 11 cents, or 0.1%, to $74.95 per barrel on the New York Mercantile Exchange. -
September Brent crude
BRN00,
+0.73%
BRNU23,
+0.73%
was flat at $79.43 per barrel on ICE Futures Europe, according to Dow Jones Market Data. -
August gasoline
RBQ23,
+0.48%
gained 0.1% to $2.62 a gallon, while August heating oil
HOQ23,
+1.27%
rose 0.4% to $2.5928 per gallon. -
August natural gas
RBQ23,
+0.48%
rose 0.1% to $2.6265 per million British thermal units.
Market drivers
Oil prices have continued to hold their ground at or near their highest levels in three months as investors are betting that the latest round of production cuts from OPEC+ could help to offset expectations for weaker demand that have helped to weigh on prices this year.
U.S. inventory data are due out on Wednesday.
“If the actual number shows a supply glut, which we do not think is going to be the case, oil prices could see some adverse influence,” said Naeem Aslam, chief market analyst at Zaye Capital Markets.
Also, investors will digest the U.S. June consumer-price index inflation data at 8:30 a.m. Eastern Time on Wednesday.
This post was originally published on Market Watch
