LONDON (Reuters) – Crude oil prices showed little change as investors awaited inflation data from the United States and China and the outcome of the Federal Reserve’s policy meeting to get a clearer picture of the direction of prices and how this will affect fuel demand.
At 11.00 Brent futures gained 15 cents, or 0.18%, to 81.78 dollars a barrel and US West Texas Intermediate crude futures rose 6 cents, or 0.08%, to 77.79 dollars.
Prices rose about 3% yesterday to one-week highs, supported by expectations that the Northern Hemisphere’s summer holiday season will boost fuel demand this summer, a rally that some analysts say is likely to be short-lived , as the prospect of continued high interest rates remains.
Traders are also cautious ahead of the release of Chinese macroeconomic data tomorrow.
Meanwhile, Saudi crude exports to China, falling for the third consecutive month, are putting further pressure on prices.
The United States may accelerate the pace of replenishing the Strategic Petroleum Reserve as stockpile maintenance is completed by the end of the year, Energy Secretary Jennifer Granholm told Reuters last week. The United States wants to buy back crude at around $79 a barrel.
(Translated by Laura Contemori, editing by Gianluca Semeraro)
