Working oil pumpjacks on the outskirts of Maricopa in Kern County, California, on September 21, 2023.
Frederic J. Brown | AFP | Getty Images

Oil prices ticked lower on Monday, extending losses from last week as traders wait for a new round of inflation data.

The West Texas Intermediate contract for April lost 40 cents, or 0.51%, to $77.61 a barrel. The Brent contract for May shed 35 cents, or 0.43%, to $81.73 a barrel.

U.S. crude and the global benchmark fell 2.45% and 1.76%, respectively, last week on tepid demand in China and comments from the International Energy Agency that the market should be well supplied this year.

Traders are waiting for the consumer and producer price indexes, which will be released Tuesday and Thursday, for additional signs of when the Federal Reserve might be able to cut interest rates.

Most investors are expecting the Fed to cut rates in June. Lower rates typically stimulate economic growth, which fuels crude demand.

OPEC and the IEA will also release their monthly oil market reports on Tuesday and Thursday this week.

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