Oil steadies as investors digest China gloom, eye US crude supplies

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🗞️ Driving the news: On Tuesday, oil prices rose over 1% following China's pledge to support its economic growth, anticipation that the U.S. Federal Reserve will soon cease increasing interest rates, and the forecast of a decline in U.S. oil production
• Brent futures increased by 1.4%, and U.S. West Texas Intermediate (WTI) crude rose by 2.2%

🔭 The context: Sluggish gross domestic product data prompted China's top economic planner to assure the implementation of policies to "restore and expand" consumption
• Meanwhile, in the U.S., recent economic news, including below-expected retail sales in June, has spurred expectations that the Federal Reserve will stop hiking interest rates

🌎 Why does it matter for the planet: The global oil market has significant implications for climate change and the environment
• An increase in oil prices can encourage investments in alternative, cleaner energy technologies

⏭️ What's next: Market watchers are looking forward to U.S. oil inventory data from the American Petroleum Institute and the U.S. Energy Information Administration
• A predicted decrease in U.S. oil production and a draw from U.S. crude stocks could potentially impact oil prices

💬 One quote: "Energy traders expect 'the oil market will remain tight as Russian shipments drop and as China prepares to provide more support to households'" (Edward Moya, senior market analyst at data and analytics firm OANDA)

📈 One stat: Brent futures rose by 1.4%, settling at $79.63 a barrel, while U.S. West Texas Intermediate (WTI) crude rose by 2.2%, to settle at $75.75

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