03.10.202319:14:00UTC+00Oil Futures Settle Higher Ahead Of Inventory Data

Oil futures settled higher on Tuesday, recovering from recent losses and a weak start.

Oil prices found support on hopes the Organization of the Petroleum Exporting Countries (OPEC) and allies, jointly known as OPEC+ won't change their policy at the committee's meeting on Wednesday.

Comments from senior Federal Reserve policy maker Raphael Bostic that the central bank was in no rush to pile rate hikes to get inflation back under control, and that there might even be a rate cut by the end of next year, supported oil prices.

Oil prices drifted lower earlier in the day on global economic fears, the dollar's surge and rising bond yields.

West Texas Intermediate Crude oil futures for November ended higher by $0.41 or about 0.5% at $89.23 a barrel.

Brent crude futures settled at $90.92 a barrel, gaining $0.21 or about 0.2%.

A survey by Reuters says Saudi Arabia is expected to raise its November official selling price of Arab Light crude to Asia for a fifth straight month.

Russia is not setting any time frame for a fuel export ban it introduced last month, and the ban is likely to remain in place as long as necessary to stabilize prices and address shortages on the domestic market, Russian Deputy Prime Minister Alexander Novak is reported as saying.

Traders now await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API's report is due later today, while EIA is scheduled to release its inventory data Wednesday morning.