Oil Steadies as Traders Look to OPEC Report and Inflation Data

  • Oil held a gain before the release of OPEC’s market outlook, with traders looking for signs on whether supply curbs will be extended, and US inflation data that will shape expectations for monetary policy.
  • Brent crude traded above $83 a barrel after rising by 0.7% on Monday, with West Texas Intermediate near $79. With evidence of refinery run cuts and narrowing timespreads pointing to a slightly softer market, the monthly deep dive from the cartel comes about two weeks before members meet to decide on policy.