Money Street News
  • Please enable News ticker from the theme option Panel to display Post

(Bloomberg) — Oil pushed lower ahead of US inflation data and reports from OPEC and the IEA this week that may provide clues on the demand outlook.

Most Read from Bloomberg

Brent futures fell below $82 a barrel after dropping 1.1% on Friday, while West Texas Intermediate was under $78. Prices still remain in a tight trading range. Investors are watching for a possible hotter-than-expected US inflation read on Tuesday, which could muddy the path for monetary policy.

Oil is coming off its least volatile week since late 2021 as the market juggles competing bullish and bearish factors. OPEC+ production cuts and Middle East tensions are being offset by rising supply from outside the group and persistent concerns around the economic outlook for top importer China.

Investors are also keeping an eye on cease-fire talks between Israel and Hamas, which remain deadlocked. Israel has threatened to invade the city of Rafah in southern Gaza if discussions fail, which US President Joe Biden has warned would represent a “red line.”

The Organization of the Petroleum Exporting Countries is scheduled to release its monthly market report on Tuesday, while the International Energy Agency will issue its corresponding outlook on Thursday. The US Energy Information Administration will also post its Short-Term Energy Outlook this week.

Iran’s oil exports, meanwhile, have reached their highest level since 2018 — when former US President Donald Trump abandoned Tehran’s nuclear deal with world powers and reimposed sanctions — the country’s oil minister said.

To get Bloomberg’s Energy Daily newsletter into your inbox, click here.

Most Read from Bloomberg Businessweek

©2024 Bloomberg L.P.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *


Get our latest downloads and information first. Complete the form below to subscribe to our weekly newsletter.

No, thank you. I do not want.
100% secure your website.