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Oil prices tread water ahead of CPI data, OPEC report

February 12, 2024

Oil prices moved little in Asian trade on Tuesday as traders turned cautious ahead of key U.S. inflation data that is expected to factor into the path of interest rates, while an OPEC monthly report was also in focus.

Prices were rangebound for a second straight session as a recent rebound rally in crude now appeared to be running out of steam. Oil prices had risen sharply last week after a potential Israel-Hamas ceasefire was rejected by Israel.

Israel kept up its offensive against the Palestinian group, while Yemen’s Houthi group continued to attack vessels in the Red Sea.