Oil rally takes a breather before Fed and ECB rate hikes
Oil prices slipped on Monday as traders await further rate hike signals from US and European central banks, as well as supply cuts and hopes for Chinese stimulus to keep WTI crude at $76 a barrel.
The benchmark indices rose 1.5% and 2.2% respectively last week, marking their fourth consecutive weekly gains as supply is expected to shrink following OPEC+ cuts. Fighting also escalated last week in Ukraine after Russia withdrew from a UN-brokered safe maritime corridor for grain exports.
“While another Fed rate hike this week could lead to some short-term price volatility, we expect...