2023-05-30 00:28:37
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Posted on: Tuesday, May 30, 2023 – 3:28 AM | Last updated: Tuesday 30 May 2023 – 3:28 AM
Oil futures lost their morning gains in trading today, Monday, to record a slight decline, following rising in Asian morning trading.
Dealers preferred to wait for the position of the US Congress on the agreement reached by President Joe Biden and Republican House Speaker Kevin McCarthy yesterday regarding raising the public debt ceiling for the United States.
Bloomberg news agency stated that the price of West Texas Intermediate crude, which is the benchmark for US oil, remained above the level of $72 per barrel, following rising on Friday, on the last days of the last trading week, by 1.2%. US President Joe Biden and House Speaker Kevin McCarthy expressed confidence in Congress’s approval of the agreement to raise the US public debt ceiling, to avoid announcing the US default on its obligations.
President Biden said in statements to reporters yesterday evening, Sunday, following reaching an agreement with McCarthy that the agreement prevents the worst possible crisis for the United States, adding that no party got everything it wanted in the negotiations, “but it is the responsibility of governance and I strongly call on both houses (Representatives and Senate) ) to pass the agreement.
McCarthy said yesterday evening that he expects the approval of the Republican majority in the House of Representatives on the agreement, which he described as an important step towards curbing government spending, although it “may not give any party everything.”
Biden said on the social networking site “Twitter” that previously there was only talk of a “temporary agreement … McCarthy and I have reached a bipartisan agreement (Republican and Democratic) on a budget that will avoid the worst-case scenario, which is announcing a debt default for the first time in history.” our country.”
Biden added that the agreement is “good news” for the American people, and called on Congress to pass the agreement immediately to increase the US debt ceiling until 2025 in exchange for a significant reduction in public spending. It is scheduled to vote on the agreement in the House of Representatives next Wednesday.
Bloomberg indicated that oil prices are still lower than their levels at the beginning of this year, by regarding 10%, in light of the weak pace of recovery of the economy of China, the largest oil importer in the world, and the expectation of continuing high interest rates in the United States, which affects expectations of demand for crude.
At the same time, Russian supplies remain flexible, despite Moscow’s announcement of its intention to cut production, while oil refining activity in Russia is declining.
Today, the price of West Texas Intermediate crude fell by 16 cents to $72.15 a barrel for next July delivery, while the global benchmark Brent crude oil price fell by 37 cents to $76.58 a barrel for next July delivery.
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