Oil Prices Fluctuate Amidst Supply and Growth Concerns

Oil prices are down in thin trade due to the Easter holiday after booking a major 7% gain last week following the surprise announcement of several major OPEC+ producers that they would voluntarily cut total crude oil production by 1.66 million barrels per day. Traders are assessing the impact of the announcement on global oil supply, which may become clearer later this week when OPEC and the International Energy Agency release their new monthly oil market reports. The March CPI report from the United States is due out on Wednesday and could lower prices despite growing supply concerns if it shows higher inflation still.