• Oil held a loss ahead of US inflation data and reports from OPEC and the IEA this week that may provide clues on the demand outlook.
• Brent futures fell below $82 a barrel after closing 1.1% lower on Friday, while West Texas Intermediate was under $78. Prices still remain in a tight trading range. Investors are watching for a possible hotter-than-expected US inflation read on Tuesday, which could muddy the path for monetary policy.
• Oil is coming off its least volatile week since late 2021 as investors juggle 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.
• The Organization of the Petroleum Exporting Countries is scheduled to release its monthly market report on Tuesday, while the International Energy Agency will issue its corresponding outlook on Thursday.