The indicator could confirm or refute the optimism surrounding greater demand for northern vacations.
The oil prices They were trading stable this Tuesday, as traders wait for signs of an expected boost in demand in the northern summer to support values, even though strong supply threatens to slow the increases.
The Brent crude oil futures fell 7 cents, or 0.1%, to $84.18 per barrel, and those of the West Texas Intermediate (WTI) in USA fell 6 cents, or 0.1%, to $80.27. Both benchmarks gained about 2% on Monday, closing at their highest levels since April. Brent has risen from $77.52 at the beginning of June, although it is still far from the $90 it reached in mid-April.
“The oil market returned to focus on the fundamentals, which have been weak for some time,” Francisco Blanch of the Bank of Americaadding that global crude oil inventories and storage of refined products in USA and Singaporeamong other places, was higher.
Meanwhile, the growth in global demand for Petroleum slowed to 890,000 barrels per day year-on-year in the first quarter, while data suggests consumption growth likely slowed further in the second quarter, he said in the note.
However, U.S. crude inventories are expected to have fallen by 2.3 million barrels in the week to June 14, according to analysts polled by Reuters.
“The critical data this week, at least for us, will be crude oil inventories in USAas it could confirm or refute the optimism that is developing that demand has begun its rise at the dawn of the summer travel season,” Tamas Varga, from the brokerage, wrote in a note. PVM.
Investors are also awaiting new clues on interest rates and the evolution of US demand, as several representatives of the Federal Reserve (Fed) talk later in the day.
Source: Ambito
