Oil prices stabilized on Monday after falling last week, while investors prepared for a set of important data and critical decisions.

By 8:00 AM Cairo time, the prices of the global benchmark Brent crude ranged around $80 per barrel, while the prices of US West Texas Intermediate crude ranged around $76.

Prices fell by 2.5% last week, driven by additional production cuts announced by OPEC+ to boost prices, and automated trading also amplified the declines.

Traders are now looking forward to monthly reports from OPEC and the International Energy Agency released this week, which will provide insight into the health of the global oil sector.

Investors are awaiting the US Federal Reserve’s decision on interest rates in the middle of the week. Strong economic data and high inflation expectations have reduced the chances of a rate cut in the near future.

Despite the recent declines, some indicators still show strengths in the market, especially in the jet fuel sector; the rebound in air travel is pushing demand higher.

Geopolitical tensions are casting a shadow over the market, with tensions escalating in the Middle East and Europe.

Trading is expected to be weak during Asian business hours today due to holidays in mainland China and Hong Kong.

There are several fundamental factors affecting the market, including the OPEC+ decision: Markets are closely monitoring the impact of the additional production cuts announced by OPEC+ on prices and market data. OPEC and International Energy Agency reports provide insight into global oil demand and supplies.

In addition to the Fed’s decision, interest rate expectations affect the attractiveness of investment assets, including oil, and the demand for jet fuel stimulates the recovery of air travel and demand for jet fuel. Which supports prices. Oil prices are likely to remain volatile in the short term, with the market absorbing multiple factors such as market data, monetary policy decisions, and geopolitical tensions. However, some indicators point to support for prices, especially with the recovery in demand for jet fuel.