Prices for benchmark crude oil are rising slightly on Tuesday morning, with quotes ending the previous session virtually unchanged.
The price of May futures for Brent on the London ICE Futures exchange by 7:08 a.m. is $82.43 per barrel, which is $0.22 (0.27%) higher than at the close of the previous session. On Monday, these contracts increased in price by 13 cents to $82.21 per barrel.
Quotes for WTI futures for April in electronic trading on the New York Mercantile Exchange (NYMEX) by this time increased by $0.13 (0.17%) to $78.06 per barrel. At the end of the previous session, the contract fell by 8 cents to $77.93 per barrel.
Market participants are awaiting the release of inflation data in the United States on Tuesday, as well as the publication of monthly reports by OPEC and the International Energy Agency (IEA).
In addition, traders are monitoring the compliance of OPEC+ countries with their voluntary commitments to reduce supplies, as well as the level of production in the United States, which has been near record levels since the end of January.
“OPEC and the U.S. Department of Energy are sending mixed signals, and in order for the market to clearly determine the direction of movement,” they need to come to the same conclusion, said Charu Chanana, an analyst at Saxo Capital Markets in Singapore.
