Oil prices rise amid cautious trading


Oil prices witnessed slight increases on Tuesday, amid cautious trading.

Brent crude futures rose 22 cents, or 0.3%, to $73.92 a barrel, and West Texas Intermediate crude futures rose 9 cents, or 0.1%, to $72 a barrel.Traders still believe that total supplies will be less than expected demand, despite the decision of the “OPEC Plus” alliance to increase production for the rest of the year.

It is expected that higher vaccination rates will help offset any negative impact on demand due to the increase in corona infections around the world.

Investors are waiting for inventory data to be published by the American Petroleum Institute later on Tuesday, and the US Energy Information Administration report due to be released on Wednesday to anticipate the trend in the coming period.


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