Oil prices inched up in Asia’s morning trade as traders continue to digest OPEC’s production cuts last week alongside potential further interest rate hike from the Federal Reserve.
Investors are awaiting crucial U.S. inflation data on Wednesday, which would inform the Fed’s next move.
Brent crude futures rose 0.21% to $84.36 a barrel, while the U.S. West Texas Intermediate futures gained 0.26% to $79.95 a barrel.
Russia also remains a “key country to watch” when it comes understanding the extent of supply disruption in the oil market, Vivek Dhar from Commonwealth Bank of Australia wrote in a daily note.
This article was originally published by CNBC.