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Oil rebound as market awaits key reports and hurricane threatens US Gulf CoastTraders are also closely monitoring upcoming reports from OPEC, the EIA, and the IEA. These reports, scheduled for release later this week, are expected to provide crucial insights into supply-demand dynamics and could significantly influence market sentiment in the days ahead. |
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Oil prices edged up by around 1% on Monday after plummeting to their lowest levels in over a year last week, as market participants brace for a series of key reports on the crude market and the potential impact of a hurricane threatening the US Gulf Coast.
Brent crude futures rose 78 cents, or 1.1%, to settle at $71.84/barrel
WTI crude climbed $1.04, or 1.5%, to settle at $68.71/barrel.
Industry analysts attribute the modest price recovery to concerns over the impending hurricane, which could disrupt production and refining operations in Louisiana. However, the market's attention is still predominantly focused on broader demand uncertainties and possible policy shifts by OPEC+.
Traders are also closely monitoring upcoming reports from OPEC, the EIA, and the IEA. These reports, scheduled for release later this week, are expected to provide crucial insights into supply-demand dynamics and could significantly influence market sentiment in the days ahead.
Written by: Rochelle Nguyen
