A barrel of the European reference oil, Brent, is still trading at over 90 dollars on Tuesday morning. Meanwhile, investors are waiting for macroeconomic data that could indicate whether interest rates will rise further in the US and Europe.

Reuters reports.

A barrel of the European reference oil, Brent, costs 90.97 dollars on Tuesday morning, compared to 90.77 dollars on Monday afternoon. At the same time, US WTI oil is trading at 87.71 dollars compared to 87.44 dollars on Monday afternoon.

Brent maintains a price of over 90 dollars per barrel, which it reached last week. This is as a result of Saudi Arabia and Russia extending their voluntary supply cuts by 1.3 million barrels for the rest of the year.

The US Federal Reserve is expected to pause interest rate hikes again at its upcoming meeting next week. Opinions are divided on whether the central bank will raise interest rates in November.

The European Commission predicted on Monday that the eurozone will grow more slowly in 2023 and 2024 than previously expected. The European Central Bank will present its interest rate decision on Thursday.

The market is also awaiting industry data on US crude oil inventories, which will be published later on Tuesday. A survey by Reuters on Monday estimates a drop of 2 million barrels last week.

The International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries, Opec, will publish their monthly reports this week.