{"id":30602,"date":"2023-07-03T00:47:44","date_gmt":"2023-07-03T04:47:44","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-treads-water-ahead-of-opec-data-heavy-week\/"},"modified":"2023-07-03T00:47:45","modified_gmt":"2023-07-03T04:47:45","slug":"oil-treads-water-ahead-of-opec-data-heavy-week","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=30602","title":{"rendered":"Oil treads water ahead of OPEC, data-heavy week"},"content":{"rendered":"
\n

Investing.com– Oil prices moved little in Asian trade on Monday, retaining a bulk of their recent gains as markets awaited fresh cues from an OPEC meeting and U.S. economic data this week.<\/p>\n

Crude markets pared some early losses after a showed that China\u2019s manufacturing sector grew slightly more than expected in June. But the reading was still weaker than May\u2019s data, indicating continued weakness in the world\u2019s largest oil importer.<\/p>\n

steadied at $75.43 a barrel, while were flat at $70.61 a barrel by 22:17 ET (02:17 GMT).<\/p>\n

Both contracts were sitting on strong gains from Friday, after data showed a bigger-than-expected drop in the Federal Reserve\u2019s . The reading triggered a rally across most markets, on bets that inflation will drop within the central bank\u2019s target range, necessitating fewer interest rate hikes.<\/p>\n

OPEC forum, U.S. data barrage due this week<\/h2>\n

Oil markets are squarely focused on a meeting of oil industry executives with energy ministers from the Organization of Petroleum Exporting Countries and allies later this week.<\/p>\n

While the forum is not a policy meeting, meaning that any changes to OPEC production are unlikely, it is still expected to offer cues to the oil market, amid growing fears of worsening demand this year.<\/p>\n

The OPEC had unexpectedly cut production twice so far in 2023 to tighten oil supplies and push up prices. But the measures provided a fleeting boost to prices, with crude still trading negative for the year.<\/p>\n

A slew of economic readings from the U.S.- including data- are also expected to provide more cues on the world\u2019s largest oil consumer this week.<\/p>\n

Data released last week indicated some resilience in the U.S. economy, which saw traders dial back expectations of a recession this year. The notion helped support oil prices.<\/p>\n

Rate hikes, economic slowdown fears still in play<\/h2>\n

But despite recent strength in oil prices, they were still trading down between 8% and 10% for the year, amid persistent fears of rising U.S. interest rates and worsening demand.<\/p>\n

Hawkish signals from the Federal Reserve have served as a key source of downward pressure on crude markets, as the central bank flagged at least two more rate hikes this year.<\/p>\n

Markets fear that rising rates will further stymie economic activity, in turn weighing on crude demand this year.<\/p>\n

Focus this week is also on the , for more insight into the central bank\u2019s plans to hike rates.\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com– Oil prices moved little in Asian trade on Monday, retaining a bulk of their recent gains as markets awaited fresh cues from an OPEC meeting and U.S. economic data this week. Crude markets pared some early losses after a showed that China\u2019s manufacturing sector grew slightly more than expected in June. But the reading […]<\/p>\n","protected":false},"author":1,"featured_media":17941,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-30602","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil treads water ahead of OPEC, data-heavy week | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com-- Oil prices moved little in Asian trade on Monday, retaining a bulk of their recent gains as markets awaited fresh cues from an OPEC\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=30602\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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