Oil prices slipped in early trade on Tuesday, paring gains from the previous session, as investors weighed strong holiday travel in China that could boost fuel demand with the prospect of rising interest rates elsewhere slowing economic growth.
Brent crude fell 7 cents to $82.66 a barrel at 0013 GMT, while U.S. West Texas Intermediate crude eased 6 cents to $78.70 a barrel.
Oil futures rose more than 1% on Monday on optimism that holiday travel in China would increase demand in the world's largest oil importer.for trips abroad during the upcoming May Day holiday point to a continued recovery in travel to Asian countries. Still, the numbers remain far off pre-COVID-19 levels with long-haul airfares soaring and not enough flights available.
However, investors remain wary about central banks in the United States, Britain and the European Union potentially raising interest rates to curb inflation, which could slow economic growth and dent energy demand. The U.S. Federal Reserve, the Bank of England and the European Central Bank are all expected to raise rates when they meet in the first week of May.
Investors on Tuesday awaited industry data on U.S. oil stockpiles. Analysts polled by Reuters expected the data to show U.S. crude inventories fell by about 1.7 million barrels in the week to April 21.Reporting by Stephanie Kelly; Editing by Sonali PaulA New-York-based correspondent covering the U.S. crude market and member of the energy team since 2018 covering the oil and fuel markets as well as federal policy around renewable fuels.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Indian cos sometimes face delays in paying for Russian oil above $60/bbl - oil secretaryIndian companies 'sometimes' face delays in paying for Russian oil priced above the $60 cap per barrel fixed by the Western nations, India's oil secretary Pankaj Jain said on Monday.
Read more »
WTI crude oil prices rise more than 1% on growing optimism in China marketIn the mid-Monday North American session, WTI crude oil prices continued to climb, trading at $78.78 per barrel, marking a gain of 1.13%. The price ha
Read more »
Writer’s lawsuit accusing Trump of rape begins Tuesday, experts weigh inE. Jean Carroll, a former magazine advice columnist, claims that former President Donald Trump raped her in a luxury department store dressing room in the 1990s.
Read more »
Astros' Chas McCormick won't come off injured list when eligible TuesdayChas McCormick still hasn't swung a bat since going on the injured list so he'll need a...
Read more »
Sixers to begin East semifinals at Boston on Saturday if Celtics close out Hawks on TuesdayIf the Celtics are nearly as efficient as the Sixers have been in dispatching first-round opponents, a new playoff series could start as early as this coming weekend.
Read more »
Houston's Windsync quintet brings back multi-site music fest that begins TuesdayThe venues where the wind quintet will perform include Methodist Hospital, Zilka Hall and...
Read more »