On Monday, during Asian trading hours, oil prices slightly increased, recovering somewhat from last week's steep decline. Traders are waiting for more clues on U.S. inflation and this week's OPEC meeting.
Trading volumes are expected to be reduced due to market holidays in the U.S. and the U.K.
As of 12:41 AM Beijing time (8:41 PM ET), Brent crude futures for July delivery rose 0.1% to $82.22 per barrel, while West Texas Intermediate crude futures rose 0.2% to $77.85 per barrel.
After a weekly decline, oil prices are awaiting inflation clues. Last week, both contracts fell over 2%, reaching their lowest point since February due to concerns over high interest rates exacerbating worries about demand.
The focus this week is on more inflation clues, particularly the PCE price index data, the Federal Reserve's preferred measure.
Last week, a series of warnings from Federal Reserve officials about stubborn inflation shook oil prices, leading traders to dismiss expectations of a rate cut this year.
The market is concerned that high interest rates will suppress economic activity, thereby affecting crude oil demand in the coming months.
Data indicating an unexpected increase in U.S. inventories has also pressured crude oil prices, although demand in the world's largest fuel-consuming nation is expected to rise with the arrival of the summer travel season.
OPEC+ meeting awaits more supply clues. The oil market is also anticipating the OPEC+ meeting on June 2, where the producer group is expected to decide whether to extend current production cuts beyond the end of June.
