Goldman Sachs Group Inc, one of the most bullish banks on the outlook for oil, has once again lowered its price forecasts amid increasing global supplies and waning demand.
The dollar held its ground on Monday but was still near multi-week lows against some of its major peers as traders were on guard ahead of central bank meetings this week, including the Federal Reserve's where it will announce its rates decision.
Asian shares started tentatively on Monday as investors braced for central bank meetings from Europe, Japan and the United States this week, along with U.S. inflation data that will likely influence the Federal Reserve's monetary policy path.
Oil prices fell in Asian trade on Monday, with WTI sinking back below $70 a barrel after Iran’s supreme leader said that the country was open to a deal with the West over its nuclear program, albeit with some caveats.
U.S. wholesale inventories fell a bit less in April than initially estimated, which could provide a lift to economic growth in the second quarter.
The euro zone economy fell into a technical recession in the first three months of 2023, data from statistics agency Eurostat showed on Thursday as signs emerge that central bank rate hikes will crimp the region's future growth prospects.