empty
 
 

2023.12.1208:51:00UTC+00Oil Gains As Dollar Eases Ahead Of US Inflation Data

Oil prices were seeing modest gains on Tuesday despite uncertainty about the outlook for energy demand and doubts over OPEC+ supply cuts.

A weaker dollar offered some support ahead of key U.S. inflation data later in the day and Wednesday's FOMC decision.

Geopolitical tensions also returned to the fore after a Houthi attack on a commercial tanker sailing in the Red Sea.

Benchmark Brent crude futures rose 0.4 percent to $76.33 a barrel, while WTI crude futures were up half a percent at $71.63.

The dollar drifted lower as investors awaited U.S. CPI data for November that may show inflation still cooling but staying well above the Fed's 2 percent annual target.

Meanwhile, the Federal Reserve is widely expected to hold rates on Wednesday, with the spotlight squarely on the central bank's dot plot and summary economic projections as well as comments from Chair Jerome Powell during his press conference.

Elsewhere, a ship in the Red Sea has been hit by a missile fired from Houthi-controlled Yemen, a day after the Houthis said they would target every vessel bound for Israel.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback