The calm in oil

Oil is set to ease ahead of the OPEC monthly report and US inflation data. Oil is trading flat after a three-day slide ahead of a raft of market reports and US inflation data that could guide prices. U.S. crude traded above $78 a barrel after falling 1.5 percent from the previous three sessions. Brent closed near $82 on Monday. Investors will have a wealth of information on Tuesday, from the OPEC monthly report to industry figures on U.S. inventories and the February inflation report. Oil has been on the rise this year but prices remain stuck in a narrow trading range, caught between the push and pull of bullish and bearish factors. OPEC+’s supply restrictions are offset by higher production from outside the group, while concerns about Chinese demand persist. The market will also be watching developments between Israel and Hamas, where ceasefire talks are deadlocked with the start of Ramadan and the United States has warned against a ceasefire. Israel has previously said it would launch an attack on Rafah if hostages were not returned by Ramadan.