Powell's Brief to Congress Keeps Oil Prices Flat

Oil prices remained flat as the market awaits Fed Chair Jerome Powell's briefing to Congress on the US economy. Powell's comments will be closely watched for clues about the chances of the US managing a soft landing after recent rate hikes. Meanwhile, UK inflation remains high, which could give the Bank of England more reasons to raise the key UK interest rate again when it meets on Thursday. Additionally, higher supply from Iran is undermining Saudi efforts to manipulate prices higher with production cuts, and China's much-awaited economic stimulus has been underwhelming, further weighing on oil prices and the prospects of oil demand.