Oil was little changed as traders wait to see if a week of key data inputs can break the market from its recent torpor.

Western Texas Intermediate futures edged lower to settle just shy of US$78 a barrel after earlier dropping to the lowest intraday price in two weeks. Investors are watching for a possible hotter-than-expected US inflation read on Tuesday, which could muddy the path for monetary policy. Monthly oil market reports from the IEA, OPEC and the US are also due this week.

Oil is coming off its least volatile week since late 2021 as the market juggles competing bullish and bearish factors. OPEC+ production cuts and Middle East tensions are being offset by rising supply from outside the group and persistent concerns around the economic outlook for top importer China.

“Prices over the past month have been pretty rangebound,” said Rohan Reddy, director of research at Global X Management. “Now it’s about whether major consumers like China can drive a recovery or not, and whether geopolitical issues like the wars and shipping blockages will do any further harm.”

Iran’s oil exports, meanwhile, have reached their highest level since 2018 — when former U.S. President Donald Trump abandoned Tehran’s nuclear deal with world powers and reimposed sanctions — the country’s oil minister said.

Prices:

• WTI for April delivery fell 0.1 per cent to settle at $77.93 a barrel in New York.
• Brent for May settlement rose 0.2 per cent to settle at $82.21 a barrel.