Brent oil set to notch first monthly gain this year on supply fears
Brent crude oil prices are poised to achieve their first monthly gain this year, driven by a significant decline in oil stocks and plans by OPEC+ to reduce output. Concerns over rising interest rates have been outweighed by tightening supply and optimism about global demand. The US Energy Information Administration reported a substantial drop in crude inventories, exceeding expectations. Additionally, Saudi Arabia's plan to cut output and the OPEC+ agreement to limit supply have also supported prices. However, potential interest rate hikes remain a concern.