Oil steady as markets await clarity on OPEC’s next policy move

Oil prices remained mostly stable at the start of Friday trading. The markets are awaiting clarity on OPEC and its allies’ next oil policy moves after Russian Deputy Prime Minister Alexander Novak played down the possibility of further OPEC+ production cuts at the upcoming meeting in Vienna. Investors were also monitoring US debt talks as the US dollar ticked up for a fifth straight session, making dollar-denominated commodities costlier for non-US buyers and thereby decreasing demand. The Fed’s rate hike is expected to be raised by 25 basis points at its June meeting.