Oil held steady ahead of economic data release and monthly oil demand forecasts.
International benchmarks for crude oil were largely unchanged on the first trading day of the week, 11 September 2023 as investors await a new batch of macroeconomic data from the US and the EU to gauge the interest rates directions
International benchmarks for crude oil were largely unchanged on the first trading day of the week, 11 September 2023 as investors await a new batch of macroeconomic data from the US and the EU to gauge the interest rates directions. In the meantime, supply tightness stemming from the OPEC+ output cuts continued to overshadow the concerns over the demand outlook in China.
Both, the International Energy Agency (IEA) and OPEC+ are expected to release their monthly oil demand forecast later this week.
Brent inched just 1 cent lower to close at $90.64/barrel.
WTI decreased by 22 cents to settle at $87.29/barrel.