Crude oil prices steady as strong China’s economy data offsets US rate worries
Brent crude settled 1 cent, or 0.01 per cent, higher at $84.77 a barrel, while West Texas Intermediate crude futures closed up 3 cents, or 0.04 per cent at $80.86.
Crude oil prices were little changed on Tuesday as upbeat economic data in number two oil consumer China offset concerns that possible increases in US interest rates could dampen growth in the top consuming country.
Brent crude settled 1 cent, or 0.01 per cent, higher at $84.77 a barrel, while West Texas Intermediate crude futures closed up 3 cents, or 0.04 per cent at $80.86.
China's economy grew by a faster-than-expected 4.5% in the first quarter while oil refinery throughput rose to record levels in March, data showed.
The prospect of another US interest rate hike remained a drag on sentiment. Traders expect the Federal Reserve to raise rates by 25 basis points at its May meeting.
Crude was also pressured by the Iraq federal government and Kurdistan Regional Government (KRG) taking a step towards a resumption in northern oil exports from the Turkish port of Ceyhan after they were halted last month.
The dollar eased on Tuesday after the upbeat China data. A stronger dollar makes commodities priced in the US currency more expensive for buyers holding other currencies.
Crude prices posted gains for the last four weeks, a streak not seen since June 2022.
Late in the afternoon, market sources citing American Petroleum Institute figures told US crude oil stocks fell by about 2.68 million barrels, while fuel inventories also fell last week.
Analysts forecast a drawdown of 1.1. million barrels in crude stockpiles last week, as well declines in gasoline and distillates.
The US government will release its stockpile data on Wednesday morning.
With Reuters Inputs
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
RCB vs CSK IPL 2024 Ticket Booking Online: Where and how to buy RCB vs CSK tickets online - Check IPL Match 68 ticket price, other details
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
08:14 AM IST