Oil inches up ahead of US inflation data

Oil prices saw a marginal increase, with Brent futures nearing $83 a barrel and West Texas Intermediate crude surpassing $78, Bloomberg reported on Tuesday.

This comes ahead of a series of market reports and US inflation data due for release on Tuesday, which include OPEC’s monthly report, US stockpile figures, and February’s inflation print.

Despite an annual increase, oil prices have been fluctuating due to a combination of factors. OPEC+ supply cuts have been counterbalanced by increased output from non-OPEC countries, and concerns over Chinese demand continue to add uncertainty.

Mixed signals on oil demand from OPEC and the US Energy Information Administration have been noted by Charu Chanana, an analyst at Saxo Capital Markets Pte. Ltd. in Singapore. A consensus is needed for clear market direction.