HOUSTON: Oil prices edged higher on Tuesday as a drop in eurozone inflation buoyed hopes that the European Central Bank has almost certainly finished raising interest rates, and offset rising supply from OPEC and the United States.
Brent crude futures for December delivery, were 31 cents, or 0.4 per cent higher at $87.76 a barrel by 12:42 p.m. ET (1542 GMT) ahead of their expiry later on Tuesday.
The more heavily traded January contract rose 11 cents, or 0.1pc to $86.47.
US West Texas Intermediate crude for December delivery rose 25 cents, or 0.3pc, to $82.55, while those for January delivery rose 21 cents, or 0.3pc, to $81.89.
All contracts traded $1 higher earlier in the day, but prices remain below $90 a barrel on weak Chinese economic data and as the conflict in the Middle East remains contained for now.
“I think a lot of the war premium is coming out of the market, and investors are focused on true supply and demand,” said Dennis Kissler, senior vice president of trading at BOK Financial.
Published in Dawn, November 1st, 2023
