Oil prices turned higher as traders see slowing manufacturing activity as support for the Federal Reserve cutting interest rates this year.U.S. crude oil moved slightly higher to $82 a barrel on Tuesday on optimism that weak manufacturing data could accelerate interest rate cuts.Oil prices turned higher on the data as traders see slowing manufacturing activity as support for the Federal Reserve cutting interest rates this year.
U.S. oil prices are still more than $5 below this year's high of $87.62, when traders bid up prices on fears of a war between Iran and Israel. Those concerns have largely dissipated as Iran and Israel have signaled they are not interested in a wider war after trading tit-for-tat strikes earlier this month.sanctions against Iran's oil exports
The White House will face a "tough choice" this summer on whether to impose the sanctions or issue waivers due to concerns about a tight oil market, Croft said. The Biden administration is very concerned about high oil prices ahead of the 2024 election, said Amrita Sen, founder and director of research at Energy Aspects.