Oil prices recorded a slight increase in early trading on Tuesday, after a drop in the previous session due to lower-than-expected growth in the Chinese economy, while investors anticipate a decline in U.S. crude supplies. Brent crude rose by 11 cents to $78.61 per barrel by 00:17 GMT, while West Texas Intermediate crude increased by 15 cents to $74.30 per barrel. Investors are awaiting sector data later on Tuesday, which is expected to show that U.S. crude oil and derivatives inventories likely fell in the past week. Meanwhile, data from the Energy Information Administration on Monday indicated that U.S. shale oil production is expected to decrease to about 9.4 million barrels per day in August, marking the first monthly decline since December 2022.
Rise in Oil Prices
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