Oil Prices Rise as Market Anticipates OPEC Monthly Report

While inflation concerns dragged oil prices lower earlier on Monday, with U.S. consumer price data due out Tuesday, by late morning, anticipation of OPEC’s monthly report due on the same time bumped the two key crude oil benchmarks up at least half a percentage point. On Tuesday, OPEC will release its Monthly Oil Market Report (MOMR), with its outlook for the coming period.  On Monday at 11:57 a.m. ET, the U.S. crude oil benchmark, West Texas Intermediate (WTI) was trading up 0.61% at $78.74, while Brent crude was…