Oil prices paused their rally on Tuesday, although both benchmarks remain high over investor caution ahead of the release of US crude oil stock data.
International benchmark Brent traded at $85.09 a barrel at 1011 GMT for a 0.09% fall after trade in the previous session ended at $85.17 a barrel.
American benchmark West Texas Intermediate (WTI) traded at $83.56 per barrel at the same time for a 0.23% decrease from $83.76 a barrel at the end of the previous trading session.
The global energy crunch caused by supply disruptions continues to impact oil prices. However, prices recorded a limited decline over investor hyper-caution after last week’s surprise fall of US crude oil stocks by 400,000 barrels against an anticipated 2.2 million-barrel rise.
The American Petroleum Institute (API) will release its forecast data on US inventories later on Tuesday before the US Energy Information Administration’s (EIA) oil stock data on Wednesday.
Investors are also keeping tabs on next week’s meeting of the Organization of Petroleum Exporting Countries and allies, known as OPEC+. However, the group is expected to keep its monthly strategy of boosting output by 400,000 barrels per day.
Experts say the tight market conditions ahead of the winter season and the ongoing global energy crunch may fuel prices further.
By Sibel Morrow