In terms of data impacting the market, US consumer spending stabilized in March, with lower spending on goods offsetting higher spending on services, but continued strong underlying inflationary pressures could push the Reserve US federal government to continue raising interest rates. .
The Fed is expected to raise interest rates again by 25 basis points this week, after raising them a total of 475 basis points since March 2022, from near zero to the current range of 4.75% to 5%. %.
Regarding the ECB’s decision, the bank could trigger a big surprise hike of half a percentage point in interest rates during the same week.
Meanwhile, China’s manufacturing purchasing managers’ index fell to 49.2 from 51.9 in March, official data showed on Sunday, dipping below the 50-point mark that separates expansion from contraction in activity on a monthly basis.
“Investors remain cautious amid mixed economic signs,” ANZ Research said in a note to clients. “Brent crude has tracked the broader markets over the past few sessions, with a flurry of economic data adding to uncertainty over the outlook.”
price movements
Brent crude futures for July delivery fell $1.23, or 1.54%, to $79.09 a barrel at 09:17 GMT, and Nymex crude fell $1.28, or 1.66%, to $75.50.
From Monday, voluntary oil production cuts of around 1.16 million barrels per day will take effect, based on the decision by member states of the OPEC+ coalition last month.
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