At the start of trading, world oil fell today after experiencing a strong increase during the previous two sessions. This happened because the market was still cautious and waiting for the US inflation figures for April which will be a determining factor for the Federal Reserve's next interest rate decision. All information regarding today's commodity news is summarized directly from the trading view site. Brent Oil (BRN1!) was also reported to have fallen by 31 cents or 0.4% to $ 76.70, while the price of US WTI crude oil (CL1!) also followed Brent's footsteps, falling by 23 cents or 0.3%, trading at around $ 72.92 at 0005 GMT. The market is awaiting US consumer price inflation data for April which will be released on Wednesday, as the data could provide direction regarding the US central bank's further interest rate decisions. Last week, the Fed raised interest rates, which was likely the last increase in the monetary policy tightening cycle. This action has reduced pressure on future interest rate hike guidance, along with slowing inflation. On Monday, a report showed that U.S. consumers last month expected inflation to edge lower over the next year. Meanwhile, after falling sharply last week, oil prices rose on Friday and Monday as recession fears in the world’s largest oil consumer eased. Some traders see the three-week decline in crude prices as a concern about falling demand. In a deeply oversold environment, the oil market is likely to remain stable as long as Wall Street believes the Fed will cut interest rates later this year, said Edward Moya, senior market analyst at OANDA. Meanwhile, voluntary production cuts by some OPEC+ members began this month, and the group will meet next on June 4. “With all the demand growth concerns, oil prices are unlikely to rise much from here. However, expectations are high for OPEC+ to keep prices above $70 a barrel,” Moya said in a note. Additionally, oil prices were supported by a state of emergency declared by the Canadian province of Alberta over the weekend in response to wildfires that displaced nearly 30,000 people and forced energy producers to shut at least 280,000 barrels of oil equivalent per day, which is more than 3% of Canada's production.


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