Oil prices remained relatively stable as traders awaited crucial data releases to potentially break the market out of its recent sluggishness.

Western Texas Intermediate futures hovered around $78 per barrel, holding steady after briefly dipping to a two-week low.

The market’s responsiveness hinges on upcoming key events, including a potentially higher-than-expected US inflation report on Tuesday, which could complicate the outlook for monetary policy.

Additionally, monthly oil market reports from the IEA, OPEC, and the US are scheduled for release this week, Bloomberg reported.

The oil market experienced its least volatile week since late 2021, navigating through a balancing act of conflicting bullish and bearish factors.

OPEC+ production cuts and tensions in the Middle East are being counteracted by increased supply from non-OPEC sources and ongoing concerns about the economic trajectory of China, a major oil importer.

Written by B.C. Begley