Oil steady ahead of US inflation data and OPEC market report – CNBC TV18
Oil was steady ahead of key US inflation data and a monthly report from OPEC that will provide a snapshot on the market.
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West Texas Intermediate traded above $68 a barrel after closing 0.3% higher on Tuesday, while Brent settled near $72. The consumer price index figures for November are due later Wednesday and will provide clues on the path forward for monetary policy from the Federal Reserve.
Oil has traded in a narrow range since mid-October, whipsawed by a series of bullish and bearish factors including Middle East tensions and expectations for a global supply glut. The report from the Organization of the Petroleum Exporting Countries will be followed by a monthly release from the International Energy Agency on Thursday.
