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The Fed was previously expected to raise interest rates by 50 basis points, but Friday's hot CPI inflation report seems to be changing their outlook.
The ECB said it plans to hike interest rates next month for the first time in a decade due to undesirably high inflation readings.
Economists surveyed by Bloomberg expect the CPI to be unchanged at 8.3% in May, and expect core inflation to have fallen to 5.9% from 6.2% in April.
As China's economy reopens, demand for oil should also increase, which will put upward pressure on the price of the commodity.
China's economic reopening, which was shutdown for two months amid a surge in COVID-19 cases, could help ease ongoing supply chain disruptions.