Oil prices fell on Tuesday, relinquishing some of the strong gains in the previous two sessions while the market remained cautious.
"Oil prices have rebounded somewhat in the last two sessions, so now is time for a pause ... with no real positive data coming out," said Suvro Sarkar, lead energy analyst at DBS Bank.
"The market is cautious today ahead of the inflation data ... With net long positions declining sharply over the last two weeks, a lot of traders are already out of the market, so volumes are low."in what may be the last hike of its tightening cycle. It dropped guidance about the need for future hikes, with inflationary pressure starting to ease.from the New York Federal Reserve showed on Monday.as fears of recession eased in the U.S.
"The oil market was extremely oversold and it will probably continue to stabilize as long as Wall Street is still confident the Fed will cut rates later this year," Edward Moya, senior market analyst at OANDA, said in a note. A round of voluntary output cuts by some members of the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, begins this month and the group holds its next meeting on June 4.
"Oil prices won't be able to rise that much from here given all the growth demand fears, but expectations are high for OPEC+ to try to keep prices above the $70 a barrel level," Moya's note said.
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