Oil is trading in a narrow corridor of $77.50-78.50 per barrel

Oil prices are rising on Tuesday due to the introduction of new measures to support the real estate market in China, the problems of which are exerting a restraining influence on economic growth in the country.

The current Brent quote is $78.05 per barrel. At the moment, the price reached $78.35. North American WTI oil shows similar dynamics, fluctuating from the range of $73-74 per barrel.

The People's Bank of China will expand its support program for developers, including encouraging banks to issue loans to representatives of the sector to complete housing construction.

This week, the dynamics of the oil market will depend on a number of economic data and the content of the monthly reports of OPEC and the International Energy Agency (IEA). 

Analysts note that the US inflation data, which will be published on Wednesday, will help determine the direction of the market in the short term, as they will show what to expect from the Federal Reserve in the coming months.