Oil prices inch lower ahead of Fed meeting, China data dump in focus
Investing.com-- Oil prices inched lower in Asian trade on Monday as markets remained cautious ahead of the U.S. Federal Reserve’s policy meeting later this week, while focus was on a barrage of Chinese economic data for more cues on demand.Both contracts cooled after clocking stellar gains last week, as U.S. officials outlined the possibility of more oil sanctions against Russia- a move that stands to substantially tighten markets in the coming year.
A key Chinese economic policy meeting also concluded last week without offering any major cues on plans for stimulus. These factors collectively heightened bearish sentiment, as oversupply risks coincide with softer demand expectations.
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