Crude oil prices hovered around USD 80 bbl on Tuesday while investors awaited economic reports from the US and China. The Fed’s statement about potential interest rate hikes in the face of persistent inflation has kept the market cautious. In China, Sinopec, the largest refiner, noted slower domestic product demand for H2 2023. Meanwhile, OPEC+ production cuts continue to bolster prices, although there are speculations that the US could ease sanctions on Iran and Venezuela.