Oil prices ease ahead of Fed, ECB rate hikes
The benchmarks rose 1.5% and 2.2% respectively last week, their fourth straight of week of gains, as supply is expected to tighten following OPEC+ cuts
Oil prices eased on Monday as traders awaited more rate hike cues from U.S. and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at US $80 a barrel.
Brent crude futures dipped 31 cents, or 0.4%, to US $80.76 a barrel by 0644 GMT. U.S. West Texas Intermediate (WTI) crude was at US $76.74 a barrel, down 33 cents, or 0.4%.
The benchmarks rose 1.5% and 2.2% respectively last week, their fourth straight of week of gains, as supply is expected to tighten following OPEC+ cuts.
Fighting also escalated last week in Ukraine after Russia withdrew from a U.N.-brokered safe sea corridor agreement for grains exports.
“While another Fed rate hike this week may drive some short-term price volatility, we expect tightening market conditions on OPEC’s supply cuts and increasing market speculation of further stimulus in China to continue to push prices higher through 3Q23,” analysts from National Australian Bank said in a note.
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