Commodities

Oil prices extended losses on Tuesday, with investors expecting lingering U.S. inflation to keep interest rates higher for longer, depressing consumer and industrial demand.

Oil prices slipped lower Monday, handing back early gains after the confirmation of the death of Iran’s President in a helicopter crash.  At 08:30 ET (12:30 GMT), Brent oil futures fell 0.5% to $83.53 a barrel, while West Texas Intermediate crude futures dropped 0.6% to $79.10 a barrel.

Oil prices rose on Thursday, extending gains from the prior session on signs of stronger demand in the U.S., the world’s largest consumer.  11:15 ET (15:15 GMT), Brent oil futures rose 0.3% to $83.03 a barrel, and West Texas Intermediate crude futures rose 0.6% to $79.06 a barrel.

Oil prices fell Wednesday, overturning earlier gains after the IEA cut its forecast for demand growth this year.  At 11:00 ET (15:00 GMT), Brent oil futures fell 0.4% to $82.70 a barrel, while West Texas Intermediate crude futures dropped 0.4% to $77.97 a barrel. 

Oil prices edged slightly lower Tuesday, handing back some of the previous session’s gains in cautious trade ahead of key U.S. inflation data, while OPEC+ kept its demand and supply forecasts unchanged. 

Oil prices extended declines on Monday amid signs of weak fuel demand and as comments from U.S. Federal Reserve officials dampened hopes of interest rate cuts, which could slow growth and crimp energy use in the world’s biggest economy.

Oil prices wavered between positive and negative territory in a narrow trading range on Friday as investors grappled with conflicting demand signals out of top two crude oil consumers China and the U.S.

 Oil prices held near a one-week high on Thursday as data from China and the U.S. that signalled demand in the world’s two biggest crude-consuming nations could climb offset weak current U.S. distillates and gasoline demand.

Oil prices fell on Wednesday as industry data showed a rise in crude and fuel inventories in the U.S. and as the U.S. dollar strengthened, signalling that demand for oil is coming under pressure.

Oil prices steadied on Tuesday as weakness in the physical market and concerns about sticky U.S. inflation countered fears of escalation in the Middle East as Israel stepped up attacks in southern Gaza while a ceasefire deal hung in the balance.