10.04.202309:07:00UTC+00Oil Holds Steady After Last Week's Strong Rally

Oil prices held steady on Monday, after having gained over 6 percent last week on data showing U.S. crude inventory declines and OPEC+'s announcement of output cuts.

Benchmark Brent crude futures were up 0.1 percent at $85.19 a barrel, while WTI crude futures were up 0.2 percent at $80.85. With European markets still closed for Easter, trading volumes remain low.

Oil notched a third weekly gain last week after the unexpected output cut by OPEC and its allies including Russia, starting in May.

The announcement raised concerns about prolonged inflation and uncertainty regarding the economic outlook.

Adding to tightness in supply, Reuters said citing sources that Iraq's northern oil exports to Turkey have not yet resumed.

Reports late last week suggest that Baghdad was still ironing out details with Ankara.

The dollar traded higher today as solid U.S. jobs data, rising wages and an historically low unemployment rate suggested the Federal Reserve would raise rates by 25 basis points in May.

As the week progresses, traders will scrutinize the U.S. inflation data for March and the Federal Reserve minutes from the March meeting to evaluate the potential for further policy tightening.