2023-05-18 14:59:30
AA / Istanbul / Firdevs Yuksel
Oil prices fell in early morning trading on Thursday amid concerns raised by economic data regarding the state of fuel demand in the United States, the world’s largest oil consumer.
International benchmark Brent oil traded at $76.69 a barrel as of 09:54 local time (0654 GMT), down 0.35% from yesterday’s closing price which was $76.96 a barrel.
A barrel of US West Texas Intermediate (WTI) crude, meanwhile, traded at $72.56 a barrel, down 0.37% from yesterday’s closing price of $72.56 a barrel. $72.83 a barrel.
According to Energy Information Administration (EIA) data released Wednesday evening, U.S. crude reserves jumped 5 million barrels, raising concerns regarding the state of demand that might lower barrel prices.
Discussions around the US debt ceiling also put additional pressure on crude oil prices.
Negotiations between US President Joe Biden and Republican leaders are underway to raise the debt ceiling.
Biden said Wednesday that he was “confident” that a deal will be reached between his administration and congressional leaders to avoid the United States defaulting on its national debt.
The United States has a deadline of June 1 to raise the debt ceiling – the amount that the country is legally authorized to borrow – or face a default, the repercussions of which would be felt on the world economy.
If no agreement is reached, the United States might default on its debt of 31,000 billion dollars on June 1, raising fears of a recession with serious consequences for the global economy.
Biden is expected to hold a press conference focusing on Sunday’s daytime talks.
* Translated from English by Mounir Bennour.
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