Oil Prices Tread Water as Market Anticipates US InflationInsights (Bloomberg) — Oil was little changed as traders wait to see if a week of key data inputs can break the market from its recent torpor. Western Texas Intermediate futures edged lower to settle just shy of $78 a barrel after earlier dropping to the lowest intraday price in two weeks. Investors are watching for a possible hotter-than-expected US inflation read on Tuesday, which could muddy the path for monetary policy. Monthly oil market reports from the IEA, OPEC and the US are also due this week. 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. “Prices over the past month have been pretty rangebound,” said Rohan Reddy, director of research at Global X Management. “Now it’s about whether major consumers like China can drive a recovery or not, and whether geopolitical issues like the wars and shipping blockages will do any further harm.” 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. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts U.S. National Debt Soars to Dizzying Heights, Joining Global Debt Pile-Up READ MORE Proposed Ban on Open-Pit Mining Could Crush Mexico's Economy READ MORE Goldman Sachs: Gold Prices Are Forecast To Rise 6% in the Next 12 Months READ MORE Fed Crushes Household Net Interest Income in Break From Past READ MORE Why Gold May Not Go Above $2,100 Without Rate Cuts READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment