Joseph Adinolfi is a markets reporter at MarketWatch.
Crude oil prices were little-changed early Tuesday following their biggest decline since early October as traders continued to monitor the Israel-Hamas war while fresh data out of Europe offered more evidence of a slowing economy.Price action Market drivers Oil traders were focused on a few things Tuesday, including the latest eurozone composite purchasing managers index data, which declined to 46.5 from 47.2 in September.
Traders now await the release of inventory data from the American Petroleum Institute on Tuesday, followed by an update from the U.S. Energy Information Administration on Wednesday. The latest release of Israeli hostages by Hamas also helped assuage traders’ concerns about the potential for an escalating conflict that could disrupt oil supplies and send prices higher.
“There is some relief over the release of some Israeli hostages held by Hamas, although the concern that hostilities will escalate remains,” said David Morrison, senior market analyst at Trade Nation, in emailed commentary.
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