(Bloomberg) — Oil steadied after a three-day drop ahead of a series of market reports and US inflation data that may provide direction for prices.
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West Texas Intermediate futures traded above $78 a barrel after falling 1.5% over the previous three sessions. Brent closed near $82 on Monday. Traders will have a raft of information to digest on Tuesday, from OPEC’s monthly report to US stockpile data and an inflation print for February.
Oil is up for the year but prices have been stuck in a tight trading range, caught between the push and pull of bearish and bullish factors. The market will also be watching developments between Israel and Hamas, with cease-fire talks at an impasse as Ramadan begins and the US warning against an escalation.
Later this week, the International Energy Agency will release its monthly report, providing another snapshot on the market outlook.
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