Crude oil prices remained largely unchanged on Wednesday as investors awaited an update on U.S. inventories and the release of the U.S. June inflation report, which could have broader implications for the market.
Price Action
- West Texas Intermediate crude for August delivery gained 11 cents, or 0.1%, to $74.95 per barrel on the New York Mercantile Exchange.
- September Brent crude remained flat at $79.43 per barrel on ICE Futures Europe, according to Dow Jones Market Data.
- August gasoline rose 0.1% to $2.62 a gallon, while August heating oil increased by 0.4% to $2.5928 per gallon.
- August natural gas experienced a slight gain of 0.1% to reach $2.6265 per million British thermal units.
Market Drivers
Oil prices have held steady at their highest levels in three months, with investors expecting that the recent production cuts from OPEC+ will counterbalance weaker demand projections that have weighed on prices throughout the year.
The U.S. inventory data is scheduled to be released on Wednesday. According to Naeem Aslam, chief market analyst at Zaye Capital Markets, if the data shows a supply glut (which is unlikely), it may have a negative impact on oil prices.
Furthermore, investors will closely analyze the U.S. June Consumer Price Index (CPI) data, set to be published at 8:30 a.m. Eastern Time on Wednesday.