May 13, 2024

Stock Market News: Dow Set to Open Up

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Oil prices edged higher on Monday after falling earlier in the session as traders assess China’s inflation data and ahead of key U.S. readings this week.

Brent crude and WTI were both up 0.2% at $82.93 and $78.42 a barrel, respectively.

China’s consumer-price index rose for a third straight month in April, signaling a recovery in domestic demand in the top oil consumer. Investors now await the U.S. Producer Price Index reading for April, due on Tuesday, and the closely watched Consumer Price Index report on Wednesday for more cues on the interest-rate outlook.

Meanwhile, OPEC and the IEA are set to release their monthly oil market reports this week, offering a snapshot of global demand and supply expectations for this year and next.

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