Oil prices were steady today after recovering from three-week lows as prices drew support from a weaker dollar and inventory data. Front-month Brent and WTI had traded down hard early in the session on interest rate worries and abundant Russian products. The front-month Brent contract was also volatile because of expiration today as traders closed positions. An OPEC panel is likely to hold production unchanged when they meet on Wednesday, but today’s weakness in the Brent contract could make them weary. This also widened the contango in the market. Brent traded down $0.41 to close at $84.49.

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