Calm course ahead of critical data for oil

Oil prices settled after a weekly decline as investors eagerly awaited a series of industry reports and the Fed’s decision on interest rates, while the market was still evaluating whether OPEC+ would rein in supply. Brent crude traded around $80 a barrel after losing 2.5% last week after the alliance said it would start providing more supply from the third quarter. U.S. crude is around $76. Investors will be watching for monthly reports from OPEC and the International Energy Agency on Tuesday and Wednesday, which will shed light on the health of the sector. The Fed is also set to announce its interest rate decision in the middle of the week. Strong economic data and persistently high inflation have raised market expectations that the U.S. central bank is closing in on its long-awaited goal of lowering borrowing costs. Geopolitical tensions remain in focus. Tensions have risen in the Middle East after Israel freed four hostages in an operation in Gaza that was part of an offensive that killed more than 200 Palestinians, according to the media office of the Hamas-run government. French President Emmanuel Macron dissolved parliament and called early general elections after the far-right came out on top in the European Parliament (EP) elections in his country. Trading volumes are likely to be weak during Asian hours due to holidays in mainland China and Hong Kong.