6/25, 4:36 PM (Source: TeleTrader)
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Oil trades higher ahead of US crude stockpiles data

Oil prices traded in the green on Tuesday ahead of the American Petroleum Institute's report on crude inventories in the United States.

While geopolitical risks surrounding the conflict between the US and Iran have been boosting crude prices in recent days, concerns over demand could offset gains. The Organization of the Petroleum Exporting Countries (OPEC) and its allies will meet next week in Vienna to decide on another production cut extension. According to the CME OPEC Watch Tool, the probability of another cut stood at 71.67% at 10:35 am ET.

Brent futures for August settlements gained 0.51% at 10:15 am ET to go for $64.47 per barrel, while West Texas Intermediate light crude oil futures for August delivery advanced 0.38% to $58.15 a barrel at 10:13 am ET.

Breaking the News / JC