2023-05-21 21:09:15
Monday 22/May/2023 – 12:05 AM
The oil price recorded weekly losses at the close of trading; As WTI contracts traded in New York closed trading following settlement at $71.67 a barrel, down 31 cents, or 0.5%, however, WTI rose from a week to date by regarding 2%, while the US benchmark crude fell by a cumulative 15% in four previous weeks.
Brent crude price
London-traded Brent crude, the global oil benchmark, final traded at $75.58 – down 28 cents, or 0.4%, over the week. Brent crude was also up 2% following four weeks of losses of 14%.
Both WTI and Brent crude rose by more than $1 earlier on Friday, amid optimism that debt ceiling talks are making progress.
The main index of the United States recorded the highest level in the session at $ 73.40, while the global measure reached a peak of $ 77.50.
According to analysts, time is limited for Biden and House Speaker Kevin McCarthy to reach an agreement to raise the federal borrowing ceiling of $ 31.4 trillion, otherwise the government will face a catastrophic default.
And the US Treasury warned that the government may not be able to pay its obligations by the beginning of next June, although an agreement is still possible.
Concern prevails in the markets due to the statements of Jerome Powell, Chairman of the Federal Reserve, in which he said: that inflation is still much higher than the level targeted by the bank, and that no decision has been taken yet on the next step regarding interest rates.
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