The Oil price exhibits a sideways move ahead of US oil inventory data. US EIA is expected to show a drawdown in oil inventories for the second straight week. Investors await the US core PCE inflation for fresh guidance on interest rates. West Texas Intermediate futures on NYMEX tradeclose to an eight-week high near $82.00 in Wednesday’s European session.
The report is expected to show that there was a drawdown in Oil stockpiles by three million barrels. For the broader demand outlook, investors await the US core Personal Consumption Expenditure price index data for May, which will be published on Friday. Annually, the underlying inflation data is estimated to have softened to 2.6% from the prior release of 2.8%, with monthly figures growing at a slower pace of 0.1% from 0.2% in April.
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