Crude oil prices were mixed with Brent ending Tuesday’s session lower while the spot WTI contract was able to hold onto a small gain. In a market that remains dominated by bearish fundamental data points the crude oil markets have been in a short term uptrend since the middle of March.
Crude oil is dollar dazed and confused as it tries to determine whether it should focus on current oversupply, the dollar, or the prospect of better demand in Europe after we got more strong data out of Germany.
Euro zone businesses ramped up activity this month, just as the European Central Bank starts printing money to spur growth and inflation, while a slowdown among Chinese factories has fueled calls for more stimulus there.
U.S. consumer prices rebounded in February as gasoline prices rose for the first time since June, and there were also signs of an uptick in underlying inflation pressures, which could keep a June interest rate increase on the table.