Commodity Capsule: Brent crude oil on multi-month highs; metal rangebound | Watch video
US crude inventories rose by 5.9 million barrels in the last week to 445.6 million barrels-- Energy Information Administration.
Oil firms to multi-month highs, eyes on US inflation data
Oil climbs to multi-month peaks as the market weighed supply tightness concerns with fuel demand worries ahead of US inflation data.
Oil prices have been buoyed by worries about supply tightness as tensions between Russia and Ukraine in the Black Sea region could threaten shipments of Russian oil, on top of extended production cuts by Saudi Arabia.
Saudi Arabia plans to extend its voluntary production cut of 1 million barrels/day for another month to include September.
Russia said it would cut oil exports by 300,000 bpd in September.
The market is awaiting July Consumer Price Index from the United States, due on Thursday
US crude inventories rose by 5.9 million barrels in the last week to 445.6 million barrels-- Energy Information Administration.
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