Oil market hinged between interest rate worries and possible supply disruption.
In addition, investors also eye the Chinese government’s actions to revive the stuttering economy, which could offer a clearer guideline on the demand outlook.
International benchmarks for crude oil were largely stable on Monday, 28 August 2023 as traders weighed the concerns over more interest rate hikes in the US against possible supply disruption as storm Idalia barrelled toward Florida's Gulf Coast.
The crude market experienced a second week of losses on Friday, 25 August 2023 as FED Chairman, Jerome Powell hinted further interest hikes may be needed to curb the headstrong inflation.
In addition, investors also eye the Chinese government’s actions to revive the stuttering economy, which could offer a clearer guideline on the demand outlook.
Brent crude crept down 6 cents to end the session at $84.42/barrel.
US West Texas Intermediate climbed 27 cents or 0.3% to $80.10/barrel.