Crude oil is stable, and US stockpile data is attracting attention

WTI crude oil futures stabilized around $78.5 per barrel on Tuesday after falling for 3 consecutive days as investors' attention turned to US stockpile statistics.

On Monday, as the People's Bank of China (central bank) implemented unexpected interest rate cuts to support economic growth, concerns about a weakening Chinese economy were mitigated, as did concerns about demand from top oil consuming countries.

Furthermore, there are reports that Canada's wildfires are once again threatening oil production, and short-term supply concerns have provided some support.

However, in response to OPEC announcing plans to partially recover crude oil production in the fourth quarter, the outlook for global crude oil surpluses put downward pressure on prices.

Meanwhile, investors are closely watching the impact of President Joe Biden's withdrawal from the election on policy changes that could affect oil production and regulations.

Traders are currently awaiting the API's oil inventory estimates during the day and the US government's official data on Wednesday.