Oddbean

Oil prices edge higher with inflation, OPEC cues on tap ========== Oil prices rose slightly in Asian trade on Monday, recovering mildly from steep losses last week as traders awaited more cues on U.S. inflation and a meeting of the Organization of Petroleum Exporting Countries this week. Brent oil futures expiring in July rose 0.1% to $82.22 a barrel, while West Texas Intermediate crude futures rose 0.2% to $77.85 a barrel. Both contracts were down over 2% each last week after sinking to February lows. The focus this week is on more cues on inflation, specifically from PCE price index data, which is the Federal Reserve’s preferred inflation gauge. Oil markets were also anticipating a meeting of the OPEC+ on June 2, where the producer group is expected to decide whether it will extend its ongoing production cuts past an end-June deadline. #OilPrices #Inflation #Opec #BrentOilFutures #WestTexasIntermediateCrudeFutures #PcePriceIndex #FederalReserve #Opec+ https://www.investing.com/news/commodities-news/oil-prices-edge-higher-with-inflation-opec-cues-on-tap-3457513