{"id":37262,"date":"2023-07-18T10:20:30","date_gmt":"2023-07-18T14:20:30","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/crude-oil-edges-higher-u-s-inventories-in-spotlight\/"},"modified":"2023-07-18T10:20:31","modified_gmt":"2023-07-18T14:20:31","slug":"crude-oil-edges-higher-u-s-inventories-in-spotlight","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37262","title":{"rendered":"Crude oil edges higher; U.S. inventories in spotlight"},"content":{"rendered":"
\n

Investing.com — Crude oil prices edged higher Tuesday, rebounding after the previous session\u2019s weakness ahead of the latest readings on U.S. crude supplies.<\/p>\n

By 08:55 ET (12.55 GMT), the traded 0.2% higher at $74.23 a barrel, while the contract climbed 0.1% to $78.59.<\/p>\n

U.S. inventories in focus<\/strong><\/h2>\n

The main focus Tuesday will be on the release of the weekly U.S. inventory data, from the industry body later in the session and then the official numbers from the the following day.<\/p>\n

These are expected to show U.S. crude oil stockpiles and product inventories fell last week, after a substantially bigger-than-expected build in the prior week which disappointed markets last week.<\/p>\n

A key measure of U.S. fuel demand, this indicated that gasoline consumption dropped over the prior week, which was uncharacteristic of the demand-heavy summer season.<\/p>\n

Traders will be looking to see the impact of extreme weather conditions on the demand for power, with a heatwave in Texas meaning homes and businesses kept air conditioners cranked up.<\/p>\n

U.S. retail sales disappoint<\/strong><\/h2>\n

That said, gains have been small after data released earlier Tuesday showed that U.S. rose only 0.2% on the month in June, below the 0.5% growth expected.<\/p>\n

This suggested that consumers are feeling the heat of the \u2019s aggressive monetary tightening, and economic activity could be hit as the year progresses.<\/p>\n

More Chinese stimulus coming?<\/strong><\/h2>\n

The crude market recorded steep losses on Monday after data showed that economic growth in China, the world\u2019s largest oil importer, slowed substantially in the second quarter.\u00a0<\/p>\n

However, the stuttering nature of the country\u2019s economic recovery from its COVID hit means traders are expecting Beijing to increase stimulus to try and boost spending.<\/p>\n

The \u201cprice action in oil following the release of weaker-than-expected Chinese GDP numbers demonstrated well that demand is still the key concern for the oil market. This is particularly the case when it comes to China, given it makes up the bulk of expected demand growth this year,\u201d said analysts at ING, in a note.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — Crude oil prices edged higher Tuesday, rebounding after the previous session\u2019s weakness ahead of the latest readings on U.S. crude supplies. By 08:55 ET (12.55 GMT), the traded 0.2% higher at $74.23 a barrel, while the contract climbed 0.1% to $78.59. U.S. inventories in focus The main focus Tuesday will be on the […]<\/p>\n","protected":false},"author":1,"featured_media":1596,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-37262","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nCrude oil edges higher; U.S. inventories in spotlight | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Crude oil prices edged higher Tuesday, rebounding after the previous session\u2019s weakness ahead of the latest readings on U.S. crude\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=37262\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude oil edges higher; 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