WASHINGTON (dpa-AFX) - Oil prices climbed higher on Tuesday amid concerns about supply due to the ongoing tensions in the Middle East where Houthi militants continue to attack commercial vessels in the Red Sea.
A drop in Russian crude oil exports contributed as well to the uptick in oil prices.
Meanwhile, the United States rejected Russian President Vladimir Putin's suggestion of a ceasefire in Ukraine, Reauters says in a report, citing some sources.
Data showing consumer price inflation in the U.S. rose by more than expected in the month of January has dashed hopes of an early rate cut by the Federal Reserve and lifted the dollar higher. The dollar's rise capped oil's uptick.
West Texas Intermediate Crude oil futures for March ended higher by $0.95 or about 1.25% at $77.87 a barrel, rising for a seventh straight session.
Brent crude futures settled at $82.77 a barrel, gaining $0.77 or about 0.94%.
The monthly report from OPEC reveals dispersion and non-compliance yet again among OPEC members on the supply cuts that were agreed upon at the end of 2023. Iraq is said to be the biggest group member that is non-compliant.
In U.S. economic news, the Labor Department said its consumer price index rose by 0.3% in January after inching up by 0.2% in December. Economists had expected consumer prices to edge up by 0.2%.
While the report also showed the annual rate of consumer price growth slowed to 3.1% in January from 3.4% in December, economists had expected the pace of growth to slow to 2.9%.
Excluding food and energy prices, core consumer prices climbed by 0.4% in January after rising by 0.3% in December. Core prices were expected to increase by 0.3%.
With Federal Reserve officials repeatedly saying they need more 'confidence' inflation is slowing before lowering interest rates, the data has further reduced optimism about a near-term rate cut.
Investors now await weekly oil reports from the American Petroleum Institute (API), due later today, and the Energy Information Administration (EIA), due Wednesday morning.
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