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TOKYO - Oil prices were steady in early Asian trading on Tuesday as investors awaited inflation data to assess future U.S. monetary policy and the production policy decisions from the OPEC+ meeting on June 2.
Oil prices rose over 1% on Monday in muted trade owing to public holidays in Britain and the United States after a downbeat week characterised by the outlook for U.S. interest rates in the face of sticky inflation. "We expect oil prices to move higher in the coming days due to anticipated continued voluntary output cuts by oil producers and growing prospects for easing of U.S. monetary policy," he said, adding that the beginning of the U.S. driving season will also provide support.
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