Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand.
"Those who were bearish are questioning the demand outlook in light of the cuts, whilst clearly those who were bullish are now seeing even a tighter market over the second half," ING's head of commodities research Warren Patterson said.Separately, investors are watching the progress of talks between Iraq and Kurdistan to restartFurther supporting prices, the number of U.S.
Despite expectations that the Federal Reserve could slow down rate hikes because of the recent banking crisis, borrowing costs could still climb if inflation remains strong, analysts said. ING expects the rate hike cycle to end soon with one more increase in May while interest rates could fall towards the end of the year, Patterson said.Sharp rate hikes have boosted the greenback, making dollar-denominated commodities such as oil more expensive for investors holding other currencies.
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