Investors have priced in quarter-point hikes from the Federal Reserve and European Central Bank, so focus will be on what will be said about future rate hikes.
The benchmarks rose 1.5% and 2.2% respectively last week, their fourth straight of week of gain, as supply is expected to tighten following OPEC+ cuts.
Rising interest rates have dampened investments and strengthened the greenback, making dollar-denominated commodities more expensive for holders of other currencies. Market participants also expect Beijing to implement targeted stimulus measures to support its flagging economy, likely boosting oil demand in the world's No. 2 consumer.to support the oil market are sufficient for now and the group is "only a phone call away" if any further steps are needed.
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