SINGAPORE : Oil prices were roughly unchanged on Monday as concerns about global macroeconomic headwinds and possible further interest rate hikes from the U.S. Federal Reserve offset forecasts of tighter supplies amid OPEC+ cuts.Brent crude futures were last up 4 cents to $75.45 a barrel by 0404 GMT after
SINGAPORE : Oil prices were roughly unchanged on Monday as concerns about global macroeconomic headwinds and possible further interest rate hikes from the U.S. Federal Reserve offset forecasts of tighter supplies amid OPEC+ cuts.
Fears of a further slowdown hurting fuel demand grew after data on Friday showed U.S. inflation still outpacing the central bank's 2 per cent target and stoked expectations it would hike interest rates again. Economists and analysts have lowered their Brent price forecasts to average at $83.03 a barrel in 2023, in the June Reuters oil poll.
"OPEC+'s multi-output-cuts have kept oil prices above key levels, which may see a further production reduction by the cartel to keep the crude market's stability," said Tina Teng, an analyst at CMC Markets.
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