Oil prices were pretty much flat for the day but holding above the key $90 per barrel level. Saudi Arabia and Russia last week announced that they will extend voluntary supply cuts of a combined 1.3 million barrels per day (bpd) until the end of the year. “Much of this reduced supply has simply served to offset a major slowdown in global oil demand,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois. A batch of macroeconomic data expected this week will inform whether central banks in Europe and the United States continue their aggressive rate hike campaigns. U.S. August consumer price index (CPI) data is due on Wednesday and could provide a steer on whether more increases to interest rates will be on the cards. The inflation data is likely to influence everything from stocks to foreign exchange, fixed income, and commodity prices, said Naeem Aslam of Zaye Capital Markets. WTI traded down $.22 to close at $87.29. Brent traded down $.01 to close at $90.64.