(Bloomberg) — Oil steadied after a weekly drop with the market still digesting OPEC+’s decision to restore supply, as traders look ahead to a set of industry reports and a Federal Reserve decision on interest rates.
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Brent traded below $80 a barrel after losing 2.5% last week as algorithmic trading amplified declines following the alliance’s announcement it would start returning more supply from the third quarter. West Texas Intermediate was close to $76.
Traders will be watching for monthly reports from OPEC and the International Energy Agency, due Tuesday and Wednesday, that will shed light on the sector’s health. The Fed also releases its decision on interest rates mid-week. Strong economic data and stubbornly high inflation have seen the market pare bets the Fed is nearing its much-anticipated pivot to lower borrowing costs.
“Investors who overreacted…
