(Bloomberg) — Oil was steady after a weekly drop with the market still digesting OPEC+’s decision to start restoring supply, and looking ahead to a couple of key market reports and a Federal Reserve decision.
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Brent traded near $79 after a barrel after losing 2.5% last week as algorithmic trading amplified declines following the alliance’s announcement it would starting adding more supply to the market from the third quarter. West Texas Intermediate was close to $75.
Traders will face a data-heavy week, with monthly reports from OPEC and the International Energy Agency due on Tuesday and Wednesday, and the Fed meeting on interest rates the same day. Crude has been on the decline since April on a weakening demand outlook, although there are signs of a resurgence in jet fuel.
Tensions simmered in the Middle East after Israel freed four hostages in an operation in Gaza, part of a major assault that also killed more than 200 Palestinians.
Trading volumes are likely to be thin during Asian hours with a holiday in mainland China and Hong Kong.
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