Oil steady at week’s opening

Oil steady at the week’s opening amidst speculation of potential growth-boosting measures in China and anticipation of OPEC+ extending supply curbs, Bloomberg reported.

Brent crude remained below $83 per barrel, with West Texas Intermediate (WTI) above $78.

Despite concerning data from China, sovereign bond sales suggested efforts to support growth and energy consumption.

Iraqi Oil Minister initially opposed further production cuts but deferred the decision to OPEC+.

Crude prices have been declining since mid-April due to easing Middle East tensions and mixed demand outlook.

Analysts expect OPEC+ to extend cuts despite Iraq’s compliance concerns. OPEC+ upcoming market outlook and an International Energy Agency report will provide insights. Brent’s prompt spread narrowed to 44 cents per barrel.