Working oil pumpjacks on the outskirts of Maricopa in Kern County, California, on September 21, 2023.
Frederic J. Brown | AFP | Getty Images
Oil prices were mixed Monday as traders awaited a new round of February inflation data and reports on the global crude outlook from OPEC and the International Energy Agency this week.
The West Texas Intermediate contract for April lost 8 cents, or 0.10%, to settle at $77.93 a barrel. The Brent contract for May added 13 cents, or 0.16%, to settle at $82.21 a barrel.
U.S. crude and the global benchmark fell 2.45% and 1.76%, respectively, last week on tepid demand in China and comments from the IEA that the market should be well supplied this year.
“WTI rejection of $80 a barrel has some wondering whether the move is over,” Phil Flynn, an analyst at the Price Futures Group, wrote in a Monday note.
Traders are waiting for the consumer and producer price indexes, which will be released Tuesday and Thursday, for additional signs of when the Federal Reserve might be able to cut interest rates.
Most investors are expecting the Fed to start lowering borrowing costs in June. Lower rates typically stimulate economic growth, which stimulates energy demand.
OPEC and the IEA will also release their monthly oil market reports on Tuesday and Thursday this week.