Oil prices continue to trade in a very narrow bandwidth with ICE Brent still hovering around the $83 per barrel mark, with traders anticipating potentially impactful US economy data coming in later this week – first the US personal consumption expenditures readings, followed up by European inflation figures and Chinese PMI developments reflecting the Chinese Lunar New Year.
Oil rose to the highest in about two months as US inventories, Chinese stimulus and an attack on a Russian refinery ignited a rush of trend-following algorithmic buying.