(Bloomberg) — Oil teetered near little changed, recovering from a two-day decline as traders weighed hotter-than-expected US inflation figures and rising American inventories.
West Texas Intermediate traded near $85 a barrel. A closely-watched consumer price report in the US beat estimates, suggesting inflation remains strong. The dollar soared, making commodities priced in the currency less appealing.
Meanwhile, US inventory data showed crude stockpiles at the highest since July. WTI dropped as much as 0.5% on the data, before paring some declines. It was a third weekly expansion for the reserves.
Oil is still up 19% this year as OPEC+ cuts supply and geopolitical tensions across the Middle East create strong tailwinds. The market is bracing for Iran’s response to a suspected Israeli attack on its consulate in Syria last week, and top traders have been striking an increasingly bullish tone in recent days.
Investors will get a broader snapshot on the market outlook when OPEC and the International Energy Agency release monthly reports this week.
https://finance.yahoo.com/news/oil-holds-two-day-loss-231534036.html
