Oil prices tick up as traders await signs of market tightening [CNBC]
Churchill Capital Corp V Class A (CCV)
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Source: CNBC
David McNew | Getty Images Oil prices were higher on Tuesday as traders awaited indications that supply continues to tighten gradually, especially in the United States. Benchmark Brent crude oil was up 17 cents at $51.83 a barrel by 9:26 a.m. ET (1326 GMT). U.S. light crude was 24 cents higher at $47.61. Both contracts fell more than a dollar on Monday, wiping out most of the gains they accrued during a rally on Friday. U.S. commercial crude inventories have fallen by almost 13 percent from their March peaks, to 466.5 million barrels. U.S. crude oil stocks have been falling consistently in recent weeks, said Fawad Razaqzada, market analyst at futures brokerage Forex.com. show chapters If the downtrend in oil inventories is maintained, then a bullish case can be made for oil, especially given the ongoing supply restrictions from OPEC and Russia, he added. The weekly rollout of data on U.S. inventories starts later
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