Oil was steady ahead of US data on the energy outlook and stockpiles as the global market tightens amid OPEC+ supply cuts.
West Texas Intermediate traded near $82 a barrel after closing 1.1% lower on Monday. The Energy Information Administration will release its monthly Short-Term Energy Outlook later Tuesday, which will be followed by stockpile data for crude and gasoline from the industry-funded American Petroleum Institute.
Oil’s drive higher has gathered steam after Saudi Arabia and Russia pledged supply cuts to prop up the market, overshadowing persistent concerns around China’s economic recovery. Trade data for July released Tuesday signaled the Asian nation’s sluggish rebound is continuing.
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