WASHINGTON (dpa-AFX) - Oil prices were subdued on Tuesday after gaining in the previous session amid rising tensions in the Middle East and optimism that oil demand will grow in the second half of this year.
Benchmark Brent crude futures dipped 0.2 percent to $84.06 a barrel, while WTI crude futures were down 0.2 percent at $79.55, after having risen to a fresh six-week high on Monday.
A stronger dollar kept oil prices under pressure as investors awaited key U.S. retail sales data and speeches by Federal Reserve officials for clues to better gauge the timing and pace of interest-rate cuts.
Patrick Harker, the president of the Philadelphia Federal Reserve, said on Monday that one reduction in interest rates 'would be appropriate by year's end' based on the current trajectory of inflation and the U.S. economy.
The market's focus has shifted to fundamentals, with traders now awaiting indicators of a summer demand surge to bolster prices.
Analysts expect global oil demand to continue increasing due to higher summer demand and hot weather in Asia.
On the supply side, there are expectations that OPEC+ might reconsider plans to increase oil supplies in the latter part of the year.
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