Oil steadies after surge with supplies and stockpiles in focus

The gain on Tuesday came ahead of US consumer price data that’ll shape investors’ expectations for the Federal Reserve’s next move, and appetite for risk.

Oil tanker at Whitegate, Cork. - Picture David Creedon

Oil held near the highest close since January as traders tracked supply constraints and a US industry report pointed to another decline in crude holdings at the nation’s key storage hub.

West Texas Intermediate traded above $81 a barrel after rallying by 2.2% on Tuesday. Shipments from Russia have weakened after Moscow vowed to reduce production, according to tanker-tracking data.