Oil Prices Await U.S. Inflation Data Report

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Oil prices traded lower on Tuesday as traders eagerly awaited a report on U.S. inflation data that could potentially have significant implications for global markets.

Price Action

  • West Texas Intermediate (WTI) Crude: The crude oil for January delivery shed 38 cents, amounting to 0.5% decrease, and closed at $70.94 per barrel on the New York Mercantile Exchange.
  • February Brent Crude: The global benchmark, Brent crude, experienced a decline of 45 cents, nearly 0.6%, and concluded at $75.58 per barrel on ICE Futures Europe.
  • January Gasoline: Gasoline prices fell by a marginal 0.1% to $2.04 per gallon.
  • January Heating Oil: Heating oil prices witnessed an 0.8% decrease, closing at $2.58 per gallon on Nymex.
  • Natural Gas: Natural gas for January delivery slightly rose by 0.3%, reaching $2.43 per million British thermal units.

Market Drivers

The eagerly anticipated U.S. CPI Index for November is scheduled to be released at 8:30 a.m. Eastern Time on Tuesday. This upcoming data could significantly impact oil prices, following a seven-week losing streak that was the worst for U.S.-traded crude since 2018.

Economists, as surveyed by The Wall Street Journal, expect the headline gauge of growth in consumer prices to have remained flat last month. In contrast, core prices are expected to show a slight increase of 0.3%, marginally faster than the rate of 0.2% observed in October.

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