2024-02-13T04:30:01+00:00
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/ Oil prices were little changed on Tuesday for the second day in a row, as uncertainty over the pace of potential US interest rate cuts and their impact on fuel demand dispelled concerns about tensions in the Middle East that could disrupt supplies.
Brent crude futures fell 1 cent to $81.99 a barrel. U.S. West Texas Intermediate crude rose 1 cent to $76.93 a barrel, according to Reuters.
Oil prices were also close to flat in Monday’s trading, after rising 6% last week.
Conflict in the Middle East kept prices high, but gains were capped by concerns about interest rates.
The New York Federal Reserve said its January survey of consumer expectations showed that inflation expectations one year and five years from now were unchanged, with both remaining above the Fed’s 2% target rate.
If inflation concerns delay interest rate cuts by the Federal Reserve, it could lead to lower demand for oil by slowing economic growth.
US inflation data is due on Tuesday, while eurozone inflation and GDP data are due on Wednesday.
Market participants are awaiting industry data later on Tuesday on U.S. crude inventories. Four analysts polled by Reuters estimated that crude inventories rose by an average of about 2.6 million barrels in the week to Feb. 9.