DTN Oil Update
Oil Futures Rise on Trade Optimism, Inflation Report
VIENNA (DTN) -- Oil futures continued to climb Tuesday morning, extending gains made Monday after the U.S. and China agreed to temporarily slash tariffs on mutual goods trade. A lower-than-expected U.S. inflation report also supported the move higher.
NYMEX-traded WTI for June delivery was up $0.76 barrel (bbl) to trade near $62.71 bbl, and ICE Brent for July delivery rose $0.68 bbl to $65.64 bbl.
June RBOB gasoline futures gained $0.0030 to $2.1361 gallon, while the front-month ULSD futures contract was up $0.0197 to $2.1308 gallon.
The U.S. Dollar Index softened by 0.274 points to 101.325.
The U.S. Consumer Price Index for April, published by the Bureau of Labor Statistics Tuesday morning, was up 0.2% month-on-month and 2.3% year-on-year, slightly below expectations of 0.3% and 2.4%, respectively. This deceleration, however, was largely due to dropping energy prices. The core CPI, which excludes volatile categories like food and energy, increased 2.8% year-on-year in April, unchanged from March.
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