LONDON, July 22 Reuters Oil prices were little changed on Monday after Joe Biden announced he would not seek a second term as U.S. president, while investors watched for more signs that U.S. interest rates could be cut as early as September.

Brent crude futures dipped 9 cents to 82.54 a barrel by 0933 GMT and U.S. West Texas Intermediate crude futures was down 19 cents at 79.94.

Brent crude has remained relatively steady in the past month, hovering between 82 and 88 a barrel.

The U.S. Federal Reserve is due to review policy next on July 3031, when investors expect it to keep rates unchanged, though there have been indications that a cut will happen at the September meeting.

News that President Biden decided on Sunday to abandon his reelection bid was not a major factor for oil markets. He has endorsed Vice President Kamala Harris as the candidate who should face Republican Donald Trump in the November election.

We think the ability of the U.S. president to influence U.S. oil production is probably overrated, said Suvro Sarkar, energy sector team lead at DBS Bank, noting that U.S. output reached record highs last year despite the Biden39;s administration39;s moves to address climate change.

If anything, a Trump presidency could influence higher demand for oil in the U.S., given his antiEV stance, Sarkar added.

That could offset some of the support markets have gained from recent OPEC production cuts, said IG analyst Tony Sycamore.

The flipside to unrestricted oil…