Oil rises after Biden reaches provisional deal on debt ceiling

29/05/2023 Argaam
Oildrilling rigs

Oil drilling rigs

Oil prices rose today, May 29, after US President Joe Biden and House Speaker Kevin McCarthy reached a preliminary agreement on the debt ceiling, which could spare the United States from a catastrophic debt default.

 

International benchmark Brent crude was trading up 0.78% at $77.55 a barrel, at 08:00 am Makkah time.

 

West Texas Intermediate (WTI) crude rose 0.91% to $73.33 a barrel. The US market is closed today.

 

The prices, however, are still down by about 9% this year, in light of the weak economic recovery in China, and the tightening of monetary policy in the US and its impact on demand.

 

OPEC+ meeting is scheduled for June 3 and 4, with expectations that production levels will remain unchanged.

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