2024.01.1609:10:00UTC+00Oil Prices Inch Higher As Supply Concerns Persist

Oil prices rose on Tuesday as Middle East supply concerns persisted and investors looked ahead to the release of latest inventory data as well as upcoming economic indicators from China for direction. Benchmark Brent crude futures rose 0.4 percent to $78.50 a barrel, while WTI crude futures were up 0.1 percent at $72.84.

Fears of disruptions to Middle East supplies remain after Houthi rebels fired a missile that struck a U.S.-owned ship Monday just off the coast of Yemen in the Gulf of Aden.

Israel's military has ended its "intensive" phase of operations in northern Gaza and will soon do the same in southern Gaza, the country's defense minister has said.

Weekly inventory data from the American Petroleum Institute will be out on Wednesday, given the U.S. market holiday on Monday.

Official inventory data from the U.S. Energy Information Administration will be published on Thursday.

China is due to release 2023 and Q4 GDP data, along with December activity data, on Wednesday.