Biggest gain in oil since March

Oil surged the most since March ahead of an OPEC report that will provide an up-to-date look at the market outlook. Brent crude traded around $82 a barrel, while U.S. crude traded below $78. The OPEC report is followed by the U.S. Short-Term Energy Outlook on Tuesday and the monthly report from the International Energy Agency on Wednesday. Crude oil rose on Monday as investors decided to buy the dip after the biggest weekly loss since early May following OPEC+’s decision to restore some supply this year. Oil has been on a downtrend since early April amid demand concerns and increased supply from outside the Organization of the Petroleum Exporting Countries. Russia’s output last month remained above the level it pledged to OPEC+ even as the country made its deepest cuts in more than a year. Investors are also awaiting the Federal Reserve’s interest rate decision on Wednesday. A strong U.S. economy and still-high inflation have prompted investors to scale back bets that the central bank’s comeback is imminent. The strengthening dollar has added to the pressure on prices. IG Asia Market Strategist Yeap Jun Rong said investors are "looking beyond the Fed's long-term high interest rate rhetoric. Market investors are hoping to benefit from optimism about the upcoming summer demand."