Oil rose ahead of a series of market reports and U.S. inflation data that could give direction to prices, which have been trading in a narrow range this year.
While European and U.S. stock futures also rose, Brent futures inched towards $83 a barrel and West Texas Intermediate traded above $78. Investors will have a ton of information to digest on Tuesday, including OPEC's monthly report and industry statistics on U.S. stockpiles. The much-awaited US inflation data will help determine when the Federal Reserve will finally ease monetary policy.
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Oil prices have risen this year, but prices are caught between the push and pull of bullish and bearish factors. OPEC+ supply cuts have been offset by production increases from outside the group, but concerns about Chinese demand remain. Later this week, the International Energy Agency is expected to provide a snapshot of the market.
Charu Chanana, an analyst at Saxo Capital Markets in Singapore, said: “OPEC and the U.S. Energy Information Administration are sending mixed signals on oil demand, and we need a deal to give the market a clear direction.'' We need to find it.”
Russia's Lukoil PJSC had to suspend operations at its refinery in the Nizhny Novgorod region after a Ukrainian drone attack caused a fire at the Norsi plant. It is the most devastating attack on Russia's downstream sector in more than a month and could disrupt the flow of fuel to domestic and international markets.
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