Stock Market News for Monday, April 29, 2024: Dow Edges Up

Oil prices were trading lower after the latest U.S. data reinforced prospects of higher-for-longer interest rates, but signs of a tightening physical market limit the downside.

Brent was down 1% at $88.60 a barrel while WTI fell 0.5% to $83.47 a barrel.

All eyes are now on the Fed's two-day meeting on Wednesday and the April jobs report on Friday. Meanwhile, the strength in oil timespreads—the premium of a front-month contract to the second month—suggests a deficit over the second quarter of the year, according to ING analysts.

"The Brent June/July spread traded to a high of $1.34/bbl on Friday, after trading closer to a backwardation of $0.70/bbl at the start of the week," they said in a note.