Traders are also closely monitoring upcoming reports from OPEC, the EIA, and the IEA. These reports, scheduled for release later this week, are expected to provide crucial insights into supply-demand dynamics and could significantly influence market sentiment in the days ahead.
Despite a notable 6.9 million-barrel drop in US commercial crude inventories last week, as reported by the EIA, and discussions within OPEC+ about delaying planned supply hikes originally set for October, market sentiment remained subdued.