Oil prices remain steady

28 May 2024 , 08:49 AM

As investors watched inflation statistics to gauge future U.S. monetary policy and the production policy decisions from the June 2 OPEC+ meeting, oil prices remained steady in early Asian trading on Tuesday.

The July contract for Brent crude fell 3 cents to $83.07 per barrel. At $82.85, the more active August contract fell 4 cents.

July U.S. West Texas Intermediate (WTI) oil futures were trading at $78.68, up 96 cents, or 1.2%, from Friday’s finish. The market moved unaffected by the Memorial Day weekend in the United States.

Due to public holidays in the US and Britain, oil prices saw a quiet trade on Monday, rising over 1%. This came after a gloomy week marked by the forecast for US interest rates in the face of persistent inflation.

This week’s projected release of the U.S. personal consumption expenditures index will be closely watched for additional clues regarding interest rate policy. The index is thought to be the main inflation indicator used by the US Federal Reserve and is scheduled for release on May 31.

A lookout for indications of a European rate decrease that traders have factored in for next week will also be kept on German inflation data on Wednesday and readings from the euro zone on Friday.

The June 2 online meeting of OPEC+ is another event that has everyone’s attention.

News reports from OPEC+ nations have indicated that an extension of the voluntary output cuts of 2.2 million barrels per day into the second half of the year is likely, and this would be discussed by the producers.

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