Oil steady around $80s as traders await fresh clue

Aihuicha, August 29th: Traders wait for the next set of clues on the outlook for crude oil demand. WTI crude oil held steady near $80 a barrel. U.S. oil prices rose 1.5% in the past three days, the highest level since late July. The long-term rising time has also climbed to the level close to the beginning of the year. Markets expect the Fed's monetary tightening campaign to be far from over, which should limit demand. Crude oil prices rose in July after Saudi and Russian supply curbs tightened the market, but were set for a modest monthly decline in August. "Expectations that Saudi Arabia may extend production cuts into October further supported oil prices," said Priyanka Sahedwar, senior market analyst at Philip Nova Pte. But macroeconomic concerns amid rising borrowing costs Intensified, limiting the upside of oil prices.