Reported about 1 year ago
Oil prices stabilized after experiencing a weekly decline, with traders keeping an eye on OPEC+ decisions and awaiting updates from the Federal Reserve on interest rates. Brent hovered around $80 per barrel while West Texas Intermediate was near $76. Reports from OPEC, the International Energy Agency, and the upcoming Fed decision will provide insights into the energy sector's status amidst strong economic data and concerns about inflation. Although crude prices have been falling due to lower demand forecasts, there are signs of recovery in some refined products markets, such as jet fuel. Geopolitical tensions in the Middle East and European politics also influenced market sentiment, with trading volumes expected to remain light during Asian hours due to holidays in China and Hong Kong.
Source: YAHOO