Jon Shapley, Houston Chronicle / Staff photographer
Vandana Hari, the founder and CEO of Vanda Insights in Singapore, said the price of crude oil seems to lack any clear direction given competing economic signals. After raising its interest rates to the highest level in 27 years in order to combat inflation, the Bank of England became the latest to warn of a possible recession.
The Organization of the Petroleum Exporting Countries and the International Energy Agency could provide some clues when they release their monthly market reports for August later this week. OPEC in its July report left its forecasts for both economic growth and demand unchanged. The start of the trading week for crude oil will also likely be influenced by progress on Capitol Hill of the so-called Inflation Reduction Act, a 755-page measure that includes everything from expanded health care coverage for the elderly to support for green energy.