Oil stuck in narrow price range ahead of US data

Oil remained in its narrowest trading range since 2021 ahead of U.S. economic data. U.S. crude rose 1% on Thursday to trade above $82 a barrel. Brent was near $87. The stalemate in crude markets has investors focused on contracts due later next year, including June and December. Investors will watch personal consumption data later Friday for clues about the path of U.S. monetary policy. Atlanta Federal Reserve Bank President Raphael Bostic said he still expects a rate cut in the fourth quarter this year as inflation improves. Oil is set for a monthly gain in early June after OPEC+ announced it would begin providing some supply later this year. The alliance was forced to say it would pause or reverse production changes if necessary, and prices have since trended higher. “Crude oil looks expensive at current levels. The summer demand rally story is a bit exaggerated. Jet fuel demand may be strong but gasoline and diesel are in short supply globally,” said Vandana Hari, founder of Vanda Insights in Singapore.