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Oil steady as markets look ahead to China GDP data

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Oil prices held steady in early trading on Tuesday after falling 2% in the previous session, with markets awaiting the release of economic data in China, looking for signs of economic recovery and growth to offset weakening demand elsewhere.

Brent crude was flat at $84.76 a barrel at 0004 GMT, while U.S. West Texas Intermediate was up 5 cents at $80.88 a barrel.

China will release gross domestic product data at 0200 GMT, with retail sales and industrial production data also due later in the day. However it has warned that output cuts announced by OPEC+ producers risk exacerbating an oil supply deficit expected in the second half of the year and could hurt consumers and global economic recovery.a $60 per barrel price cap on seaborne Russian oil, a coalition official said, despite rising global crude prices and calls by some countries for a lower price cap to restrict Moscow's revenues.

 

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