Singapore, November 10 (QNA) – Oil prices steadied on Thursday after falling for three days as the impact of renewed COVID-19 curbs in China, the world’s biggest crude importer, weighed and traders await US inflation data that may give direction on further interest rate increases.
Brent crude futures fell 2 cents to USD 92.63 a barrel. US West Texas Intermediate (WTI) crude futures were down 8 cents at USD 85.75 a barrel.
Brent prices have dropped more than 6 percent so far this week, while WTI is down more than 7 percent.
Consumer price index (CPI) data for the United States will be released later on Thursday that is expected to show a slowdown in the inflation rate for both the monthly and yearly core numbers. That may lead the US Federal Reserve to reduce the size of their planned interest rate increases which would be considered a positive for economic and oil demand growth. (QNA)