WASHINGTON (dpa-AFX) - Crude oil futures recovered from early weakness and settled higher on Tuesday, thanks to data showing a smaller-than-expected increase in U.S. producer prices in the month of October.
The data helped raise hopes the Federal Reserve will slow its aggressive pace of interest rate hikes.
West Texas Intermediate Crude oil futures for December ended higher by $0.94 at 86.81 a barrel, coming off a 3-week low of $84.06 touched earlier in the session.
Brent crude futures were up $0.64 or 0.69% at $93.78 a barrel a little while ago.
Oil prices were also supported by comments from the International Energy Agency (IEA) that the European Union ban on seaborne Russian crude will results in a likely loss of 1.1 million barrels per day.
Markets now look ahead to weekly crude inventory reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).
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