MUSCAT : Oil prices saw marginal gains on Tuesday, as Brent crude futures rose by 30 cents to reach $82.30 per barrel, while US West Texas Intermediate crude climbed 31 cents to settle at $77.23 per barrel. The uptick follows a period of relative stability in Monday’s trading session, which came on the heels of a notable six percent increase in prices during the previous week.

In the Middle East, ongoing conflicts have contributed to sustained price levels, with tensions particularly heightened in the Gaza Strip as the United States and Jordan advocate for a ceasefire. However, despite these geopolitical pressures, concerns surrounding the trajectory of US interest rates have tempered the upward momentum of oil prices.

The Federal Reserve Bank of New York’s recent survey revealed that consumer expectations for inflation remained unchanged for both the short and long term, hovering above the central bank’s target rate of two percent. This data underscores the delicate balance faced by policymakers, as any delay in interest rate cuts could potentially dampen economic growth and subsequently reduce demand for oil.

Looking ahead, the OPEC+ alliance, comprising OPEC members and allied producers such as Russia, is set to convene in March to decide on the extension of voluntary oil production cuts.

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