Reported 5 months ago
Oil prices saw a 1% increase ahead of the release of inflation data and the upcoming meeting of OPEC+ countries. The rise comes after a week of concern over U.S. interest rates and inflation levels. Brent crude settled at $83.12 a barrel with the active August contract at $82.88, while WTI crude futures were up to $78.65. Investors are closely monitoring the Federal Reserve's monetary policy, ECB rate cut expectations, and upcoming OPEC+ meeting, expecting an extension of output cuts. Goldman Sachs also raised its global oil demand forecast for 2030 on Monday.
Source: YAHOO