Oil prices edged slightly higher as global consumption of liquid fuels was forecasted to reach 102.2 MM/bpd in 2024. Markets also awaited clarity on the U.S. Federal Reserve’s plans to raise interest rates after Fed Chair Jerome Powell avoided comments on monetary policy and the economy at a symposium. Traders are now looking to U.S. CPI data on Thursday for indications on the near-term outlook. Thursday’s data “could easily clarify the direction of the financial and oil markets for weeks to come”, said Tamas Varga of oil broker PVM. Varga added that the dollar would fall if inflation came in below expectations or was below the November reading. A lower than expected CPI print could indicate a softening of monetary policy. WTI traded up $.49 or .6% to close at $75.12. Brent traded up $.45 or .6% to close at $80.10.

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