Oil retreats after five days of gains

Brent crude traded around $82 a barrel after rising almost 8% in the previous five sessions, while U.S. crude oil fell back below $80. The U.S. believes the possibility of an Iranian attack on Israel has become more likely and could happen this week, while signs of weak consumption led OPEC to cut its demand forecast for this year and next. Crude oil has been rising modestly for the year, supported by OPEC+ cuts and as stocks rebounded from last week’s decline. The International Energy Agency is due to release an outlook later on Tuesday, while U.S. inflation data on Wednesday could offer clues about the largest oil consumer’s monetary policy. “All eyes will be on the upcoming U.S. inflation to determine the path for the Fed’s upcoming policy easing,” said Yeap Jun Rong, market strategist at IG Asia Pte. “The risks of a hard landing are not yet completely gone,” Rong said, referring to the possibility that the economic slowdown could be reflected in oil demand.