{"id":34289,"date":"2023-07-11T15:45:52","date_gmt":"2023-07-11T19:45:52","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crude-oil-ends-higher-brent-at-highest-since-april-with-u-s-supply-data-ahead\/"},"modified":"2023-07-11T15:45:53","modified_gmt":"2023-07-11T19:45:53","slug":"crude-oil-ends-higher-brent-at-highest-since-april-with-u-s-supply-data-ahead","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=34289","title":{"rendered":"Crude oil ends higher, Brent  at highest since April, with U.S. supply data ahead"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002263216\" role=\"document\">\n<p>Crude oil futures settled slightly higher on Tuesday, with Brent finishing at its highest level since late April, as investors awaited U.S. supply data and an update on U.S. inflation in June due Wednesday. <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for August delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+2.60%<\/bg-quote><\/p>\n<p>        CLQ24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725486\/delayed\" class=\"positive\">+1.91%<\/bg-quote><br \/>\n       settled $1.84 per barrel, or 2.52%, higher at $74.83 a barrel on the New York Mercantile Exchange. <\/p>\n<\/li>\n<li>\n      September Brent crude\u00a0<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.06%<\/bg-quote><\/p>\n<p>        BRNU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705622\/delayed\" class=\"positive\">+0.06%<\/bg-quote><br \/>\n       settled higher by $1.71 per barrel, or 2.20% to $79.40 today, its highest end-of-day level since April 28, according to Dow Jones Market Data. <\/p>\n<\/li>\n<li>\n      August gasoline<br \/>\n        RBQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376523\/delayed\" class=\"positive\">+2.05%<\/bg-quote><br \/>\n       gained 2.7% to $2.6227 a gallon, while August heating oil<br \/>\n        HOQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376442\/delayed\" class=\"positive\">+1.15%<\/bg-quote><br \/>\n       rose 1.2% to $2.582 per gallon. <\/p>\n<\/li>\n<li>\n      August natural gas<br \/>\n        RBQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376523\/delayed\" class=\"positive\">+2.05%<\/bg-quote><br \/>\n       <strong>\u00a0<\/strong>rose 2.32% to $2.7310 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Global benchmark Brent oil settled at its highest level since late April  following several supply cut announcements by OPEC+ members, including Saudi Arabia in recent weeks. Some analysts believe the recent rise could be a sign that prices are heading even higher, with Brent perhaps moving past $80 a barrel for the first time since April. <\/p>\n<div class=\"paywall\">\n<p>Global crude oil inventories are set to decline over the next 15 months, but worries about the global economy and prospects for weaker energy demand are likely to limit any price gains for oil, according to the U.S. Energy Information Administration\u2019s monthly Short Term Energy Outlook released on Tuesday.<\/p>\n<p>\u201cCrude prices are getting a boost as expectations grow for the oil market to remain tight despite all lingering growth concerns. \u200b The IEA expects strong demand from China and developing nations. The short-term crude demand outlook shouldn\u2019t be that bad as everyone is taking a vacation that requires some travel this summer,\u201d Edward Moya, Senior Market Analyst, at Oanda wrote in a note Tuesday afternoon. <\/p>\n<p>Investors are also looking ahead to U.S. weekly inventory data from the American Petroleum Institute later Tuesday and the U.S. Energy Information Administration due  Wednesday.<\/p>\n<p>On average for the week ended July 7, analysts expect the EIA report to show supply declines of 1 million barrels for crude and 1.1 million barrels for gasoline, while distillate stockpiles are expected to have edged up by 150,000 barrels, according to a survey conducted by S&amp;P Global Commodity Insights.<\/p>\n<p>The U.S. June consumer-price index reading due out Wednesday may offer clues on the outcome of the next Federal Reserve policy meeting on July 25-26 \u2014 and the prospects for the U.S. economy. <\/p>\n<p>\u201cWhile the Fed has indicated that the fight against inflation is still not over, they have recognized the signs of inflation cooling, giving investors\u2019 confidence that few rate hikes could be left,\u201d StoneX\u2019s Kansas City energy team, led by Alex Hodes, wrote in Tuesday\u2019s newsletter.<\/p>\n<p>Economists polled by the Wall Street Journal expect headline inflation to slow to 3.1% year over year and core inflation, which strips out volatile food and energy prices, to slow to 5% year over year. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-edge-higher-as-analysts-see-prices-topping-80-a-barrel-439cd6a7?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crude oil futures settled slightly higher on Tuesday, with Brent finishing at its highest level since late April, as investors awaited U.S. supply data and an update on U.S. inflation in June due Wednesday. Price action West Texas Intermediate crude for August delivery CL00, +2.60% CLQ24, +1.91% settled $1.84 per barrel, or 2.52%, higher at [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11610,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-34289","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crude oil ends higher, Brent at highest since April, with U.S. supply data ahead | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Crude oil futures settled slightly higher on Tuesday, with Brent finishing at its highest level since late April, as investors awaited U.S. supply data\" \/>\n<meta name=\"robots\" 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