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US economy still churning out jobs at brisk clip
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POLL-US crude, product stockpiles seen down last week
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Coming up: API data on US crude stocks at 4:30 p.m. ET
By Stephanie Kelly April 11 (Reuters) - Oil prices edged higher on Tuesday as market participants weighed supply cuts from OPEC+ that would tighten the global market against concerns about further interest rate hikes potentially hurting demand. Investors were awaiting a slate of reports on inflation, oil demand and supply due this week that could give the market direction.
Brent crude rose 8 cents at $84.26 a barrel by 0004 GMT, while U.S. West Texas Intermediate gained 11 cents to $79.85 a barrel. Oil prices fell on Monday after rising for three straight weeks, after U.S. jobs data pointed to a tight labor market, heightening expectations of another Federal Reserve rate hike that could curb oil demand.
Rate hike expectations boosted the U.S. dollar index on
Monday and Tuesday, which weighed on oil prices as dollar
strength makes oil more expensive for other currency holders.
Oil futures have climbed more than 5% since the Organization
of the Petroleum Exporting Countries (OPEC) and allies including
Russia surprised the market last week with a new round of
production cuts starting in May.
In U.S. supply, industry data on U.S. crude stockpiles is
due Tuesday. Five analysts polled by Reuters estimated on
average that crude inventories fell by about 1.3 million barrels
in the week to April 7.
Further, a U.S. inflation report to be released on Wednesday
could help investors gauge the near-term trajectory for interest
rates.
Also coming up are monthly reports from OPEC on Thursday and
the International Energy Agency on Friday, which will update oil
demand and supply forecasts.
(Reporting by Stephanie Kelly; Editing by Sonali Paul)
