Oil prices stabilize as markets await inventories and economic data

Brent crude futures hovered just above $90 a barrel on Tuesday, as investors awaited a series of macroeconomic data scheduled for later this week, which could indicate whether Europe and the United States will continue raising interest rates.

By 0003 GMT, the price of global benchmark Brent crude fell six cents to $90.58 a barrel, while US West Texas Intermediate crude futures fell two cents to $87.27.

Brent reached $90 a barrel last week for the first time in ten months after Saudi Arabia and Russia announced they would extend voluntary supply cuts amounting to a combined 1.3 million barrels per day until the end of the year.

Investors are awaiting data from the sector regarding US crude inventories scheduled to be released on Tuesday at 2030 GMT. A preliminary poll conducted by Reuters on Monday showed that crude inventories are expected to decline by about two million barrels in the week ending September 8.

US August CPI data due on Wednesday may provide an indication of whether further interest rate hikes will be adopted.

The International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) are also scheduled to issue their monthly reports this week.

Last month, the agency lowered its forecast for oil demand growth in 2024 to 1 million barrels per day, citing lackluster macroeconomic performance.

Meanwhile, OPEC’s August report left its demand growth forecast at 2.25 million barrels per day in 2024 unchanged.