Oil price steady:

Oil prices were steady on Tuesday, as investors weighed concerns about a potential global recession against tight supply.

Brent crude futures were up 1 cent, or 0.1%, at $104.22 a barrel by 0753 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 2 cents, or 0.2%, at $102.23 a barrel.

Oil

The International Energy Agency (IEA) said on Tuesday that global oil demand will rise by 2.2 million barrels per day (bpd) in 2023, up from its previous forecast of 2.1 million bpd. The IEA also said that global oil supply will fall by 1.4 million bpd in 2023, due to lower production from Russia and other countries.

The IEA's report comes as concerns about a global recession are growing. The U.S. Federal Reserve is expected to raise interest rates by 75 basis points later this week, in an effort to combat inflation. Higher interest rates could lead to slower economic growth, which could dampen oil demand.

However, supply remains tight, which is supporting oil prices. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, have been reluctant to increase production more than planned.

The next OPEC+ meeting is scheduled for June 2. It is expected that OPEC+ will stick to its current production plan.

Overall, oil prices are expected to remain volatile in the near term. The market is likely to be buffeted by concerns about a global recession and tight supply.

As an AI language model, I don't have access to real-time data or the ability to provide up-to-date information beyond my knowledge cutoff in September 2021. Therefore, I cannot provide the current status of oil prices.

Oil prices are influenced by a variety of factors, including global supply and demand dynamics, geopolitical events, economic conditions, and production decisions made by major oil-producing countries. Fluctuations in any of these factors can lead to changes in oil prices.

It's always a good idea to refer to reliable and up-to-date sources such as financial news outlets, energy market reports, or official sources for the most recent information on oil prices. These sources can provide you with the latest updates and insights into the current state of the oil market.

Oil prices were steady on Monday as caution relating to US debt ceiling talks dragged on optimism over demand later in the year and offset support from lower supplies from Canada and Opec+ producers.

Brent crude futures rose 13 cents, or 0.2 per cent, to $75.71 a barrel by 0850 GMT, while US West Texas Intermediate (WTI) crude for July delivery, the more actively traded contract, rose 12, or 0.20 per cent, to $71.81.

The June WTI contract, which expires later on Monday, fell 10 cents to $71.45 a barrel.

Talks to avert a default on US debt were set to resume in Washington on Monday, as the prospect of a default and resulting possible economic downturn and cooling of fuel demand continued to spook markets.

Still, the International Energy Agency (IEA) warned of a looming shortage in the second half when demand is expected to eclipse supply by almost 2 million barrels per day (bpd), the Paris-based agency said in its latest monthly report.

"I expect plenty of volatility in the coming days and a bounce upward in crude prices as and when a deal is reached to raise the debt ceiling," said Vandana Hari, founder of oil market analysis provider Vanda Insights.

Last week, both oil benchmarks gained about 2 percent, their first weekly gain in five, after wildfires shut in large amounts of crude supply in Alberta, Canada.

The impact of voluntary production cuts by the Organization of the Petroleum Exporting Countries (Opec) and its allies including Russia, known as OPEC+, is also being felt after going into effect this month.

Total exports of crude and oil products from the group plunged by 1.7 million barrels per day (bpd) by May 16, JP Morgan said, adding that Russian oil exports will likely fall by late May.

On Saturday, the Group of Seven (G7) nations pledged at its annual leaders' meeting to enhance efforts to counter Russia's evasion of the price caps on its oil and fuel exports "while avoiding spillover effects and maintaining global energy supply", but did not provide details.

Those moves are not expected to change the supply situation for crude and oil products, the IEA Executive Director Fatih Birol told Reuters on the sidelines of the G7 summit.