WTI crude oil settled at a price of $71.19, experiencing a decrease of $0.74 or a decline of -1.02%.
China growth concerns and a robust USD following the release of impressive housing starts and building permits data contributed to the downward trend.
“Merchants are eagerly anticipating the upcoming weekly private inventory and EIA data, along with significant economic indicators such as Federal Reserve Chair Powell’s testimony on Wednesday and Thursday. Additionally, the BOE and SNB will announce their monetary policy decision this week on Thursday. On Wednesday, UK CPI will be disclosed. On Friday, Flash PMI data will be released in both Europe and the US.”
