Oil prices traded lower on Tuesday as traders awaited a report on U.S. inflation data that could have significant implications for global markets.
Price action
-
West Texas Intermediate crude for January
CL00,
-0.76% CLF24,
-0.76%
delivery shed 38 cents, or 0.5%, to $70.94 a barrel on the New York Mercantile Exchange. - February Brent crude the global benchmark, shed 45 cents, or nearly 0.6%, at $75.58 a barrel on ICE Futures Europe.
-
January gasoline
RBF24,
-0.55%
shed 0.1% to $2.04 a gallon, while January heating oil
HOF24,
-1.51%
fell 0.8% to $2.58 a gallon on Nymex. - Natural gas for January delivery rose 0.3% to $2.43 per million British thermal units.
Market drivers
The U.S. CPI Index for November is due out at 8:30 a.m. Eastern Time Tuesday. The data could have an impact on oil prices, which settled higher on Monday following a seven-week losing streak that was the worst for U.S.-traded crude since 2018.
Economists polled by The Wall Street Journal expect the headline gauge of growth in consumer prices had been flat last month, while core prices are expected to have increased by 0.3%, slightly faster than the 0.2% rate from October.
Read the full article here