2023-06-03 11:17:00
Written by Marwa Al Ghoul
Saturday, June 03, 2023 02:17 PM
registered Oil prices 76.13 dollars a barrel for Brent crude futures contracts, and US West Texas Intermediate crude futures recorded 71.74 dollars, as prices rose at the end of Friday’s trading by regarding 2.5%.
The “Cairo News” channel reported that oil prices rose on Friday, amid a recovery in sentiment as a result of the approval of the US debt ceiling bill, and at a time when markets assessed the possibility of OPEC + implementing a production cut to support prices in the next two days.
And the markets received reassurance following the approval of a bill in Congress suspending the US debt ceiling of $ 31.4 trillion, in addition to earlier indications that the Federal Reserve (the US central bank) might stop raising interest rates, and the US Senate approved yesterday evening, Thursday, local time, the debt ceiling bill. , thus averting a catastrophic debt default that would have sent a violent shake-up in the financial markets.
Market sentiment was supported by Thursday’s US crude inventories data from the Energy Information Administration, which pointed to a jump in crude imports last week, and investors’ focus shifted to a June 4 meeting of the Organization of the Petroleum Exporting Countries and its allies, including Russia, an alliance known as OPEC+. .
During the meeting, ministers from the major oil-producing countries will decide on more potential production cuts to support government revenues, and expectations and indications varied regarding such a possible cut, as “Archyde.com” and analysts from banks including HSBC and Goldman Sachs said that from It is unlikely that further production cuts will be implemented from OPEC +, and that the alliance will adopt a wait-and-see approach.
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