crude oil update

Category:-Metal | 03-Aug-2022 10:00 AM

Oil futures edged up less than 1% on Tuesday ahead of a meeting of OPEC+ producers this week that may not lead to a further boost in crude supply amid concerns a possible global recession could limit energy demand.

Brent futures rose 51 cents, or 0.5%, to settle at $100.54 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 53 cents, or 0.6%, to settle at $94.42.

Also giving oil prices a slight lift were analyst expectations that U.S. crude inventories declined by around 600,000 barrels last week.

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