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Oil Prices Experience Marginal Decline; Focus on U.S. Inventories

On Tuesday, oil prices registered a slight decrease as market participants cautiously assessed the potential implications of a weakening Chinese economic rebound. Concurrently, investors awaited additional signals regarding U.S. monetary policy, with expectations centered on the upcoming Jackson Hole symposium at the end of the week.

The American Petroleum Institute industry group is set to release U.S. crude oil and gasoline inventory data later in the session. Furthermore, the Energy Information Administration (EIA), the statistical branch of the U.S. Department of Energy, is scheduled to unveil its own data on Wednesday.

As of 03:55 ET, U.S. crude futures recorded a 0.5% decline, trading at $79.62 per barrel. Similarly, the Brent contract exhibited a 0.5% drop, reaching $84.02.

In parallel, gold futures demonstrated an upward movement of 0.4%, reaching $1,930.65 per ounce. Additionally, the EUR/USD currency pair observed a 0.3% gain, trading at 1.0927.