WASHINGTON (dpa-AFX) - Oil futures gave up early gains and settled lower on Tuesday as slightly hotter than expected U.S. inflation data and persisting worries about the outlook for demand from China outweighed a report from OPEC that said global oil demand will likely remain strong this year and in 2025.
Oil prices climbed higher earlier in the day amid tensions in the Middle East, where Israeli forces continue their deadly attacks in the Gaza Strip.
West Texas Intermediate Crude oil futures for April ended down $0.37 at $77.56 a barrel, coming off the session's high of $78.73 a barrel.
Brent crude futures were down $0.26 or 0.32% at $81.95 a barrel a little while ago.
The Energy Information Administration (EIA) says it expects oil inventories will likely fall by 0.9 million barrels per day in the second quarter.
OPEC expects oil demand this year to rise 1.43 million barrels per day over the previous year, slightly up from an earlier forecast for a rise of 1.42 million barrels per day.
Meanwhile, data from the Labor Department showed inflation in the U.S. increased 0.4% in February and 3.2% from a year ago. The annual rise was marginally up from a 3.1% forecast.
Investors now await weekly oil reports from the American Petroleum Institute and the EIA. While API's report is due later today, the EIA is scheduled to release its inventory data Wednesday morning.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
