WASHINGTON (dpa-AFX) - Oil prices fell to near seven-week lows on Tuesday despite rising tensions in the Middle East raising some concerns about potential disruptions to supplies, and a likely drop in demand.
West Texas Intermediate Crude oil futures for September ended down $1.44 or about 1.83% at $76.96 a barrel, the lowest settlement since June 7.
Brent crude futures were down $1.05 or about 1.27% at 81.35 a barrel a little while ago.
Investors now await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API data is due later today, while the EIA will release its inventory data for the previous week at 10.30 AM ET.
On the economic front, U.S. GDP and inflation readings are due later in the week. These reports are eyed for more clarity on the Federal Reserve's timeline for interest rate cuts.
The second-quarter GDP report is scheduled for Thursday while the June personal consumption expenditures data is due on Friday.
The report on personal income and spending in June includes readings on inflation said to be preferred by the Federal Reserve.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
