Brent crude oil futures rose 30 cents to $80.99 a barrel by 0009 GMT. West Texas Intermediate Crude Oil rose 38 cents to $78.73 a barrel.
U.S. crude oil and gasoline inventories were expected to fall last week, while distillate stocks rose, market sources said, citing data from the American Petroleum Institute on Tuesday.
API figures show crude stockpiles fell by 5.21 million barrels in the week ended Aug. 9, the sources said, speaking on condition of anonymity. Gasoline inventories fell by 3.69 million barrels and distillate inventories rose by 612,000 barrels.
Falling inventories could signal stronger demand in the United States, the world’s largest oil consumer. Official government data Energy Information Administration The final outcome will be known on Wednesday. The market was also awaiting signs of the next moves by Iran, which has vowed a tough response to the killing of a Hamas leader late last month, which Tehran blamed on Israel. Israel has neither confirmed nor denied its involvement. The U.S. Navy has deployed warships and a submarine to the Middle East to bolster Israeli defenses. A widening conflict in the region could affect crude supplies from Iran and neighboring producing countries, analysts said, drawing down inventories and supporting prices.
To prevent oil prices from rising further, International Energy Agency Meanwhile, the IEA on Tuesday kept its forecast for global oil demand growth unchanged for 2024 but cut its estimate for 2025, citing the impact of a weakening Chinese economy on consumption.
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