Oil Steadies as Focus Returns to U.S. Economic Data

Oil prices stabilized today ahead of the release of important U.S. economic data, after rising more than one percent in the previous session following the OPEC+ producers' decision regarding production targets, Reuters reported. As of 03:39 GMT, Brent crude futures fell by 11 cents to $94.31 per barrel. West Texas Intermediate futures dropped by five cents to $88.40 per barrel after reaching $98.37 per barrel, the highest level since September 14. The rise of the dollar added pressure on oil prices amid statements from Federal Reserve officials indicating that the bank would continue to tighten monetary policy significantly and swiftly.