Oil prices stabilize as markets await inventories and economic data

Brent crude futures settled slightly above $90 per barrel today, as investors await a series of macroeconomic data scheduled for release later this week.

The price of global benchmark Brent crude fell six cents to $90.58 per barrel, while US West Texas Intermediate crude futures fell two cents to $87.27.

Brent reached $90 a barrel last week for the first time in ten months, after Saudi Arabia and Russia announced that they would extend voluntary supply cuts amounting to a combined 1.3 million barrels per day until the end of the year.

Investors are awaiting data from the sector regarding US crude inventories, scheduled to be released this evening.

QNA

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