Oil prices inch up as US crude supplies seen tightening
Oil prices edged higher in early trade on Tuesday after sinking in the previous session on weaker-than-expected Chinese economic growth, as investors eyed a possible tightening of U.S. crude supplies.
Brent crude gained 11 cents to $78.61 a barrel by 0017 GMT, while U.S. West Texas Intermediate crude rose 15 cents to $74.30 a barrel.
Both contracts fell more than 1.5% on Monday.
Investors awaited industry data later on Tuesday that was expected to show U.S. crude oil stockpiles and product inventories likely fell last week. [EIA/S]
Meanwhile, U.S. shale oil production is projected to fall to nearly 9.40 million barrels per day (bpd) in August, which would be the first monthly decline since December 2022, data from the Energy Information Administration showed on Monday.
