Singapore: Oil prices stabilized in Tuesdays trading, after rising in the previous session as investors were cautious ahead of US consumer price data even as expected summer demand increases supported the market.
Brent futures for August settlement rose 5 cents to $86.06 a barrel, after gaining 0.9% in trading on Monday.
US crude futures for August delivery was up 6 cents to $81.69 a barrel after climbing 1.1% previously. Both benchmarks rose about 3% last week, marking two straight weeks of gains.
Gasoline demand is rising and oil and fuel stockpiles have declined as the US, the worlds biggest oil consumer, enters the peak summer consumption period.
Source: Qatar News Agency
