Crude oil prices nudged higher Tuesday morning, staying away from yesterday’s 6-year lows ahead of a likely US interest rate hike.
Crude oil found support just before hitting its lowest since 2004.
Still, the outlook for oil prices remains weak due to oversupplied markets and diminished demand from China and the euro zone.
OPEC continues to pump oil at a robust pace, while Libyan production is expected to rise following a ceasefire between rebels and the government.
WTI Crude oil for January was up 20 cents at $36.52 a barrel, having dropped below $35 on Monday.
At 8:30 am ET, the Labor Department is set to release its consumer price index for November. Economists expect consumer prices to have remained unchanged compared to the previous month, while core consumer prices may have risen 0.2 percent.
Published: 2015-12-15 12:14:00 UTC+00
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